Bangladesh market regulator okays BRAC’s Tk 13.5 billion bond

Bangladesh Securities and Exchange Commission has greenlighted nongovernment development organisation BRAC to raise Tk 13.5 billion by releasing bond.

Each unit of the bond will cost Tk 10 million, the market regulator said in a statement after giving the approval on Wednesday.

BRAC will use the funds to expand its microcredit programme.

Government financial institutions, mutual funds, insurance companies, listed banks, cooperative banks, regional rural banks, organisations, trusts and autonomous corporations will be allowed to buy the bond.

The term of the zero coupon non-convertible bond will be between one and a half years and five years.

MTB Capital Ltd is the trustee of the bond while RSA Capital is the lead arranger.