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The European Investment Bank (EIB) and the World Bank both jumped into the Russian rouble market on Wednesday to capitalise on the recent strong flows of non-domestic demand for high quality SSA names in the high yielding currency.
The World Bank found yet more demand for a 6.25% July 2014 Russian rouble line on September 14, allowing it to print a Rb425m ($13.9m) increase of a Rb750m tap it priced the previous Tuesday. The line now stands at Rb5bn.
The World Bank and KfW capitalised on strong momentum in the Russian rouble Eurobond market to tap an existing line and print a new issue, respectively.
After a commercial paper debut in April, the Black Sea Trade and Development Bank (BSTDB) ventured into the public bond markets since 2009 on Monday with a Sfr200m ($209.5m) 2.5% four year deal.
Driven by a hefty Russian rouble redemption schedule so far this year, the World Bank tapped the rouble bond market for the second time in 2012 on Monday with a Rb2bn ($61.52m) 6.25% three year note.
The World Bank dipped into a growing pocket of European and Asian demand for Russian roubles this week when it priced a Rb2.25bn ($69.2m) July 2017 note on Thursday after a two year absence from the market.