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Home Investments

Tanzania’s NMB bank issues 10-year multi-currency note to raise USD 30 million

Judd Mutua by Judd Mutua
September 26, 2023
in Investments
Reading Time: 2 mins read

National Microfinance Bank (NMB), Tanzania’s second biggest bank by asset base has issued a notice for a 10-year multi-currency medium term note with the aim of raising USD 30 million (TZS 1 Trillion).

The first tranche of the note will be issued as a 3-year corporate bond and has been approved by the country’s Capital Markets and Securities Authority (CMSA). Through this tranche the bank is looking to raise TZS 75 billion (ksh 4.4 billion). It will also come with a green shoe option of TZS 25 billion (Ksh 1.5 billion).

Read more: Africa pursues ‘borderless trade’ at Nairobi Summit

The coupon rate on the bond will be 9.5% per annum and interest will be paid quarterly on the third of February, May, August and November. To invest you will need a minimum TZS 500,000 (ksh 30,000).

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This medium-term note is the banks’ second such offering in seven years and its first since 2016, when it issued a note program worth TZS 200 billion offered in four tranches ending in February of 2022.

The notes were oversubscribed with the first tranche issued in 2016 hitting subscription levels of 207%. The 2017 and 2019 tranche were oversubscribed by 117% and 333% respectively and the final issue in 2022 hit 197%

In a company prospectus the CEO revealed the bank’s objective in raising money through notes is to use the money to finance eligible green, social and sustainable projects in line with sustainable bond principles.

Read more: Disabled woman wins KES 400,000 in discrimination case against Fly540

“The MTN seeks to raise funds in the capital market for general financing requirements and to help broader our investor base and funding source. This is in line with our long-term ambition of further driving economic growth in Tanzania through financing of high impact sectors in our economy,” said the CEO in a statement.

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Judd Mutua

Judd Mutua

Judd Mutua is a journalist with wide ranging interests ranging from the world of finance to the latest in tech and business news. Off duty you can find him reading his favorite books and manga. Send tips via jmutua@thesharpdaily.com

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