Record Currency Management Participates in Innovative European Bank for Reconstruction and Development (EBRD) -Backed Mongolian Tugrik Transaction

LONDON--(BUSINESS WIRE)--Record Currency Management Ltd (RCM), subsidiary of London-listed Record plc (Record Financial Group), is pleased to announce its participation in an innovative local currency bond transaction issued by the European Bank for Reconstruction and Development (EBRD), supporting the development of Mongolia's capital markets while providing institutional investors with access to attractive frontier market opportunities.

RCM is the UK currency management arm of Record Financial Group, the London-listed specialist investment group managing USD 115 billion of assets on behalf of institutional clients worldwide. Record's client base comprises pension funds, foundations, sovereign institutions and other asset managers, with whom the Group has built long-standing relationships through its focus on bespoke investment and risk management solutions. Headquartered in London, Record has offices in Hamburg, Zurich, Zug, New York, and Hong Kong.

The investment forms part of Record Financial Group's broader strategy of expanding its specialist capabilities in emerging and frontier markets, building on the Group's longstanding expertise in currency management and institutional investing. This allocation coincides with the fifth anniversary of Record’s flagship EM Sustainable Finance Fund (EMSF) launched in 2021 and now with c. $1 billion in assets.

The transaction involves a 4-year EBRD Fixed Rate Note linked to Mongolian Tugrik (MNT), with proceeds supporting local currency financing initiatives designed to promote sustainable economic development and strengthen Mongolia's financial markets. EMSF’s investment contributed towards a total of USD 20 million under the EBRD’s Global Medium Term Note Programme at a fixed rate of 9.75%.

The EBRD has been an active investor in Mongolia since 2006, supporting the country's transition towards a more diversified and resilient economy. Its activities span infrastructure, renewable energy, agribusiness, financial institutions and corporate development, with a particular focus on strengthening local capital markets and expanding access to finance.

For institutional investors, local currency financing plays an important role in supporting sustainable economic growth by reducing currency mismatches for borrowers and helping to develop domestic financial markets. By providing funding in local currency, investments can reduce exchange rate risks for businesses and financial institutions while contributing to greater financial stability and economic resilience.

Record's participation reflects the Group's commitment to developing specialist investment solutions in emerging and frontier markets where deep market expertise and institutional investment disciplines can create attractive long-term opportunities for clients.

Commenting on the investment, Dr Othman Boukrami, CEO at Record Currency Management, said:

"Frontier and emerging markets remain an important area of strategic focus for Record. Our experience in currency and sovereign markets gives us a strong foundation for identifying innovative investment opportunities that combine attractive institutional characteristics with positive economic outcomes. We are pleased to participate in this EBRD-backed transaction, which supports the development of Mongolia's capital markets while providing investors with exposure to a differentiated frontier market opportunity."

Isabelle Laurent, Deputy Treasurer and Head of Funding at EBRD, commented:

" We greatly appreciate the successful collaboration we have been pleased to enjoy with Record since the establishment of the fund, and the recognition of the importance of local currency lending to the sustainability of our clients’ projects, especially where they are not exporters. We have undertaken transactions in many currencies over the last five years, including, most recently, for key projects in Mongolia."

The investment complements Record's growing private markets and frontier market capabilities, which span specialist currency strategies, emerging market debt, investments in real assets, and private equity and credit. Together, these activities reflect the Group's strategy of providing institutional investors with differentiated opportunities in markets where specialist expertise and long-term partnerships can create sustainable value.