Published: March 27, 2013
Multilateral bank’s treasurer says dram-denominated bond is likeliest local-currency debut this year.
The European Bank for Reconstruction and Development (EBRD) could issue its first bond denominated in Armenian drams later this year, its deputy treasurer tells EMEA Finance.
Isabelle Laurent says the bank continues to work on new debt-market deals in a variety of local currencies, some of which are closer to closure than others.
“We’ve been trying to make progress on potential issuance and local currency lending in Ukraine and Serbia,” Laurent says. “Discussions have been on-going for a long time, but the requisite regulatory changes have yet to materialise. We remain hopeful that one day they will come to fruition.”
The likeliest next debut is in drams, she adds, a deal that may come before the end of 2013. The bank has previously provided local funding in Armenia through the Currency Exchange Fund, a Dutch investment fund in which it owns a stake.
“We have some demand for dram from projects and the Armenian authorities are helpful and interested in seeing the bond market develop,” Laurent says.
Since 1994 the EBRD has issued local-currency bonds denominated in Russian roubles, Czech and Slovakian koruna, Hungarian forint, Estonian kroon and Polish zloty.
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