Training on banks and NBCOs, January 30–31

ACRA assigns eAAA(RU) to series 001Р-05 bond issued by the Eurasian Development Bank

Expected credit rating rationale. The issue represents senior unsecured debt of the Eurasian Development Bank (hereinafter, EDB). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it pari passu with other existing and future unsecured and unsubordinated debt obligations of EDB in terms of priority. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of EDB, i.e. AAA(RU), therefore the expected rating is eAAA(RU).

EDB’s credit quality is based on high member-state support, high capital adequacy, a satisfactory risk profile, and adequate liquidity and funding.

Key issue properties

Borrower/Actual issuer

Eurasian Development Bank

Type of security

Series 001Р-05 exchange-traded bond (Exchange-Traded Bond Program ID No. 4-00002-L-001P-02E dated June 14, 2018)

Issue volume

From RUB 5 bln

Preliminary date of bookbuilding

December 3, 2019

Maturity

3.5 years

Regulatory disclosure

ACRA will assign a credit rating to series 001Р-05 bond (Exchange-Traded Bond Program ID No. 4-00002-L-001P-02E dated June 14, 2018) after the final documentation is presented by the Eurasian Development Bank. In the case of any significant discrepancies between the final documentation and the preliminary materials, ACRA may change the issue credit rating against the expected credit rating.

The expected credit rating has been assigned to series 001Р-05 bond (Exchange-Traded Bond Program ID No. 4-00002-L-001P-02E dated June 14, 2018) under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments under the National Scale of the Russian Federation, Methodology for Mapping Credit Ratings Assigned on ACRA’s International Scale to Credit Ratings Assigned on ACRA’s National Scale for the Russian Federation, and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

The expected credit rating has been assigned to series 001Р-05 bond (Exchange-Traded Bond Program ID No. 4-00002-L-001P-02E dated June 14, 2018) issued by the Eurasian Development Bank for the first time. ACRA expects to assign the final credit rating within 90 days following the publication date of this press release.

The expected credit rating is based on data provided by the Eurasian Development Bank, information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited, and the Eurasian Development Bank participated in its assignment.

No material discrepancies between the provided data and data officially disclosed by the Eurasian Development Bank in its financial statements have been discovered.

ACRA provided additional services to the Eurasian Development Bank. No conflicts of interest were discovered in the course of the expected credit rating assignment.

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