Published on 3/7/2024 in the Prospect News Investment Grade Daily.
New Issue: EBRD adds another $85 million to floaters due 2029, priced at 99.788
By William Gullotti
Buffalo, N.Y., March 7 – The European Bank for Reconstruction and Development priced an additional $85 million of global floating-rate notes due Feb. 16, 2029 (Aaa/AAA/AAA) on Thursday at 99.788, according to a distribution report filed under Rule 3 of Regulation EBRD with the Securities and Exchange Commission.
The additional notes will be combined with the initial $800 million issued on Feb. 16, 2022, the additional $125 million issued on Feb. 24, 2022, the $55 million add-on issued on Feb. 28, 2022, the $70 million add-on issued on Aug. 3, 2023, the $100 million add-on issued on Feb. 7, 2024, the $50 million add-on issued on Feb. 21, 2024, the $150 million add-on issued on Feb. 26, 2024 and the $40 million add-on issued March 6, 2024.
The floaters carry a coupon of SOFR plus 30 basis points.
Daiwa Capital Markets Europe Ltd. and Merrill Lynch International are the dealers.
Proceeds will be used for ordinary capital resources and operations.
The issuer is applying to list the notes on the London Stock Exchange.
The financial institution is based in London.
| Issuer: | European Bank for Reconstruction and Development
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| Amount: | $85 million add-on
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| Issue: | Floating-rate notes
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| Maturity: | Feb. 16, 2029
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| Dealers: | Daiwa Capital Markets Europe Ltd. and Merrill Lynch International
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| Counsel to bank: | Cleary Gottlieb Steen & Hamilton LLP
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| Coupon: | SOFR plus 30 bps
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| Price: | 99.788, plus 24 days’ accrued interest
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| Pricing date: | March 7
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| Issue date: | March 11
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| Ratings: | Moody’s: Aaa
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| S&P: AAA
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| Fitch: AAA
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| Cusip: | 29874QEU4
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| Total issue: | $1.445 billion, including $800 million issued on Feb. 16, 2022, $125 million issued on Feb. 24, 2022, $55 million issued on Feb. 28, 2022, $70 million issued on Aug. 3, 2023, $100 million issued Feb. 7, 2024, $50 million issued Feb. 21, 2024, $150 million issued Feb. 26, 2024 and $40 million issued March 6, 2024
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