Microfinance Bank announced the registration of PKR 1,500 million Privately Placed Term Finance Certificate (PPTFC), furthering its strategy of diversifying its funding base to promote financial inclusion.
This is the first PPTFC offering for FINCA Microfinance Bank in Pakistan and the denomination of each electronic instrument will be PKR 100,000. FINCA expects that the successful placement of this offering will allow it to continuously access Pakistan’s capital markets in the future.
These instruments will be registered with the Central Depository Company (CDC) and will be traded electronically. FINCA Microfinance Bank will have the option of drawing the entire amount in a lump sum or in three tranches at PKR 500 million each over a nine-month availability period. The tenor of the bond is 5 years.
Andrée Simon, CEO of FINCA Impact Finance, said, “The success of this PPTFC offering is a clear testament to the strength of FINCA Impact Finance and our commitment to expand access to responsible financial services in Pakistan and around the world.”
Roman Hingorani, CFO for FINCA Impact Finance, said, “FINCA Impact Finance is making tremendous strides in diversifying our funding base with bond offerings in three countries.
We’ve moved from a heavy reliance on international borrowings to more local funding sources, helping us manage our foreign exchange and geographic risks. For customers around the globe, this reinforces our role as a reliable banking partner.”—PR