OREANDA-NEWS. April 30, 2008. European Bank for Reconstruction and Development has issued a \\$1 billion global bond, its first benchmark issue since 2004, reported the press-centre of EBRD.

The five-year bond, was jointly lead managed by Daiwa SMBC, JPMorgan, Morgan Stanley and RBC Capital Markets. Payment date is May 8, 2008 and the bond matures on June 17, 2013. The EBRD is rated triple-A by Standard & Poor’s, Moody’s Investors Services and Fitch Ratings.

The 3,625% bonds were priced at 99,899% to yield 3,645% equivalent to a spread of 52,25 basis points over the current 5-year US Treasury note.

The EBRD issued its debut \\$ global bond in 2001. This latest issue, which is part of the Bank’s normal funding programme, was timed to coincide with good investor demand for medium-term \\$ assets. The offering met with strong investor appetite from a broad range of high-quality international institutions.

Isabelle Laurent, the EBRD’s Deputy Treasurer and Head of Funding, said: “The favourable pricing reflected the high level of investor demand for supranational US dollar securities in the current market environment.”

The \\$1 billion issue is expected to cover about one-third of the Bank’s long-term annual borrowing programme for this year.