Almaty, 21 November 2011. On 18 November, Friday, the Eurasian Development Bank (EDB) placed another issue of its euro commercial papers (ECP) worth US $40 million.
Their maturity period is one year. For the EDB, this is the third and fourth placements in short-term money markets within its earlier approved ECP programme for a total of US $3.5 billion.
The issues have been placed among European institutional investors. UBS Limited, a Swiss investment bank, acted as dealer.
“The new issue will be used in part to refinance the EDB’s short-term debts and to finance its project activities,” said Dmitry Krasilnikov, Member of the EDB Executive Board and Managing Director for Corporate Finance. “We deem the conditions of this borrowing to be attractive for the Bank and the diversification of the sources of finance in the current context to be a result of the programme preparation process, which began early this year, and of the making of first issues in a more favourable market environment.”
According to Dmitry Krasilnikov, the EDB expects to increase the share of ECP in its liabilities to US $150-200 million and, provided a favourable environment exists, partially refinance them in the future by issuing long-term Eurobonds.
