RBC Capital Markets this week announced that it has completed the issue of two of the first ever bonds denominated in Russian rubles (RUB).

“When RUB became an eligible settlement currency on January 15, we wanted to be there to meet investor interest in Russian rubles,” said Avril Pomper, RBC Capital Markets’ head of fixed income distribution, Europe. “We’re very active in local currencies, and we’re seeing that investors are willing to diversify away from traditional currencies like the euro and yen into emerging markets like Turkey and Iceland.”

The first issue was RUB 2 billion with a five year term issued by the European Bank of Reconstruction and Development.

The second issue was RUB 2 billion with a four year term issued by Nordic Investment Bank.