Friday, 17 June 2016
BRICS bank to issue maiden local currency bond
The New Development Bank (NDB), established by the BRICS group of emerging nations, plans to issue its first bond as a yuan denominated issue in China. The bank will also issue bonds in other member currencies in order to mitigate the foreign currency risk of funded infrastructure projects and help develop local currency fund- raising markets. The BRICS – Brazil, Russia, India, China and South Africa – officially groupedtogether in 2009 to press for a bigger say in the global financial matters, and the NDB, headquartered in Shanghai, started work last year.
Did You Know?
The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).
According to the Agreement on the NDB, “the Bankshall support public or private projects through loans, guarantees, equity participation and other financial instruments.”
Moreover, the NDB “shall cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the Bank.”
The initial authorized capital of the bank is $100 bln divided into 1 mln shares having a par value of $100,000 each. The initial subscribed capital of the bank was equally distributed among the founding members.
The bank is headquartered in Shanghai, China.
The first regional office of the NDB will be opened in Johannesburg, South Africa.
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