The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Borrowers: Euromoney's best borrowers of 1997

The European Investment Bank, Euromoney's borrower of the year, is snapping at the World Bank's heels with careful timing and improved investor relations. Russia, best debut borrower, excited the market with its $1 billion and Dm2 billion opening salvos. While the experienced team in Buenos Aires makes Argentina our top emerging market borrower a few lines.

Borrowers: Borrowers start to play a strategic game

Borrowers 1997: Best of the rest by sector or region


The European Investment Bank (EIB) appears to be pulling off a remarkable trick. By most borrowers' standards it comes to the markets too often. And one might think investors would be full up with its name, to the point that it has to pay higher spreads. But not so. "In many ways, the EIB defies gravity," says Paul Avery, coverage officer at BZW. "The acid test is the positive reaction on the trading-floor to a new issue from the EIB The salespeople are excited by its name still."

The EIB is borrowing more than ever before in international capital markets. It far outstrips any issuer in the volume of its annual fund-raising and in the number of separate transactions it executes. In public markets in 1996, it raised $23 billion from 109 issues, compared with $14.4 billion in 74 deals for the World Bank. But far from paying an ever higher price to raise such huge sums, the terms on which the EIB borrows are improving in comparison with its peers, according to capital markets consultancy firm, Mooyaart Consult.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree