On November 22, 2019, the New Development Bank successfully registered its local currency bond Programme in Russia.

The Bank’s debut RUB bond Programme was registered by Moscow Exchange for the amount of RUB 100 billion (approx. USD 1.5 billion) and was assigned the following identification number: ­4-00005-L-001P-02E dated 22.11.2019. The Programme has unlimited validity and is listed on Moscow Exchange. Under the Programme, the Bank can issue bonds with the maturity of up to 20 years.

“NDB has successfully registered its local currency bond program in Russia. Following the successful launch of the China RMB Programme in early 2019 and the registration of the South African Rand Programme in April 2019, this is a further key milestone in the Bank’s strategy to provide local currency financing to our member countries. The size of the program is 100 billion Rubles and it is listed on the Moscow Exchange,” said Mr. Leslie Maasdorp, NDB VP & CFO.

“We would like to thank Joint Lead-Managers – Gazprombank and Rosbank – for the effective execution over the past few months,” he added.

“The NDB’s General Strategy prioritizes the use of national currencies of our member countries in our lending and funding activities. We view local currency financing as a key component of NDB’s value proposition, as it mitigates risks faced by borrowers and supports the deepening of capital markets of the Bank’s member countries,” highlighted Mr. Leslie Maasdorp.

The full press release by the Moscow Exchange is available here.

Background Information

The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. To fulfill its purpose, the NDB will support public or private projects through loans, guarantees, equity participation and other financial instruments. According to the NDB’s General Strategy, sustainable infrastructure development is at the core of the Bank’s operational strategy for 2017-2021. The NDB received AA+ long-term issuer credit ratings from S&P and Fitch and AAA foreign currency long-term issuer rating from Japan Credit Rating Agency (JCR).