B&N Bank closed the book for its 06 Series Euro-Commercial Paper on Feb. 28.
The paper was closed in the amount of $47 million and had an initial yield of 7.5 percent p.a. under its $300 million ECP program. The bank will use the funds to finance SME projects.
A 12-month maturity on the ECP issue was arranged by BCP Securities, Raiffeisen Bank International AG and Region BC.
At the end of February, B&N held roadshow events in Moscow and various cities around Europe. European private funds, banks and investment companies represented 70 percent of the book, with Russian investors also showing interest in the deal.
"Despite the turbulent market situation, amount of the issue fully meets our targets and reflects the growing interest of investors in B&N Bank's debt securities. In accordance with its strategy aimed at increasing investment potential, in 2013 B&N Bank was active in the international debt capital market and placed three series of ECP. In 2014 we will continue to issue ECP to prepare the ground for long-term instruments such as Eurobonds," Irina Komarova, the senior vice president of B&N Bank, said.
The bank currently has two outstanding ECP issues totaling $33.8 million, each with a 12 month maturity.
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