One of the country’s leading agro-processing companies, Pran Agro Ltd, has successfully closed its Tk210 crore guaranteed bond recently.
For the purpose of greater agricultural supply chain in the country, the company will strengthen its agro processing infrastructure
The growing bond market of the country witnesses an epoch-making event as international life insurer Metlife has been the single investor of the taka-denominated bond for the first time here. Besides, for the first time, the guarantee in US dollar terms worth $25 million was offered with the bond by international firm GuarantCo.
Pran secured the Bangladesh Securities and Exchange Commission’s (BSEC) approval to issue the first ever corporate bond with international guarantee in September last year. The BSEC then said the issuer would pay 8-10 per cent interest for the redeemable bond.
Local investment banks Green Delta Capital and Riverstone Capital are the trustee and lead arranger of the bond respectively.
BSEC Chairman Professor Shibli Rubayat-Ul-Islam urged GuarantCo to engage more in the country’s bond market.
Md Sirazul Islam, executive chairman at Bangladesh Investment Development Authority (BIDA), said, success of Pran Agro will motivate other businesses for collecting long term finance. The BIDA is working to ease the process of doing business in the country.