EDB Revised Its Medium-Term Borrowings Programme To Enhance Investors Base
As a result, EDB debt securities issued under the Programme will also be available to US investors.
The Eurasian Development Bank revised its Medium-term Borrowings Programme totalling US3.5 billion and had it registered in accordance with US statutory requirements on 12 November. This enables the EDB to have its bonds listed on the London Stock Exchange and to place them with qualified institutional investors from the US under the 1933 Securities Act (Rule 144A).
The revision of the Programme was assisted by joint authorized arrangers, Citigroup Global Markets Limited and Goldman Sachs International. Bracewell & Giuliani LLP and Bracewell & Giuliani (UK) LLP acted as legal advisors to the EDB, and White & Case LLP and White & Case Kazakhstan LLC as legal advisors to the authorized arrangers. Fourteen large investment banks were registered as dealers under the Programme worldwide.
Dmitry Krasilnikov, member of the EDB Executive Board, noted that “the Programme and the first public issue of Eurobonds under it may be launched in the near future, pending favourable market conditions”.
Greg Vojack, managing partner of Bracewell & Giuliani, said it was a matter of honour for him and his colleagues to complete their assignment to revise the EDB Programme flawlessly, as it enables the Bank to raise finance for implementing development projects which are critical to the economies and peoples of the member states.
In his turn, Dmitry Krasilnikov stressed that “registration of the revised Programme under Rule C/144А is important from the point of view of enhancing flexibility in securing debt financing in various forms on global and local capital markets by our international development institution, and also from the point of view of improving its transparency, which even today works to improve the EDB’s reputation and performance”.
The EDB will apply proceeds from the bonds issuance under the Programme to finance development projects in strategic and capital-intensive sectors of the region’s economy, which are in line with the tasks of economic development and integration of the EDB and EurAsEC member states.