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Nine banks underwrite new EBRD rouble bond.

The EBRD has completed the placement of its second rouble bond,underwritten by a syndicate of nine international and Russian banks. Therate on the first coupon has been set at 5.56 percent.

This new 5-billion rouble (equivalent to€147 million) five-year floating rate instrument is being launched by the EBRD to meet the strong demand in Russia for the Bank’s local currency loans. The EBRD raised its first rouble bond in May 2005 for exactly the same amount and with the same tenor.

The Russian subsidiaries of Citibank and Raiffeisenbank Austria are theJoint Lead Arrangers of the new issue– with JP Morgan Bank International, ABN Amro Bank AO, ING Bank (Eurasia) ZAO, Bank WestLB Vostok (ZAO) acting as senior co-lead managers. SAO Commerzbank(Eurasija) and Gazprombank are co-lead managers. Vneshtorgbank is the co-manager. ING will also act as the Calculation Agent for the issue.

The new EBRD bond’s floating rate coupon is once again linked to MosPrime Rate, a money market index launched last year under the auspices of Russia’s National Currency Association (NCA).

The MosPrime rate is calculated daily for 1-months, 2-months and3-months deposits based on the quotes contributed by eight banks: ABNAmro, ZAO Citibank, Gazprombank, International Moscow Bank,Raiffeisenbank, Sberbank, Vneshtorgbank and WestLB.

The launch of the EBRD’s second floating rate note underscores the development of the MosPrime Rate as a widely accepted money market benchmark in Russia since its launch in April 2005. Several public transactions have been linked to this index in the past year, the most recent, as well as the largest, being a 7.2 billion rouble (equivalent to €212 million) loan for Mosenergo.

The new issue was registered with the Federal Financial Markets Service(FFMS) on April 11. Just as with the first issue, the EBRD will applyfor its bonds to be listed and traded on the Moscow Interbank CurrencyExchange (MICEX) and for the Central Bank to include them in its Lombardlist. This would make the bond available for repo transactions with theCentral Bank.

The issue pays a quarterly coupon, with the coupon rate reset everythree months in line with the then prevailing MosPrime offered rates.The coupon rate for the bond will be published at Reuters pageEBRDRUBFRNRATE.

The EBRD enjoys an AAA/Aaa rating from international rating agencies.


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