OREANDA-NEWS. July 05, 2013. B&N Bank successfully placed the 4 th Series of Euro-Commercial Paper of USD11.8 mln at yield of  6.75 % under its USD 300 mln ECP Programme.

The maturity is up to 12 months. The Arrangers and Dealers for the issue are BCP Securities and VTB Capital.  Key investors are represented by international banks and investment funds. The raised funds will be used for financing of SME projects.

“The tranche is not large, but the interest rate has noticeably decreased compared to the previous issue of the same tenor. Nevertheless, we are content with the result taking into account the current recession in the debt capital market. Actually, it is a follow-on placement of our 3 rd Series ECP, since in result of our European road-show held in February 2013 investors showed a strong demand for our securities but not all of them had an opportunity to participate in the issue. As far as the market rallies, we plan to issue the subsequent ECP series,” said Irina Komarova, B&N Bank Senior Vice President.

Earlier in February 2013 B&N Bank successfully placed the USD 60 million 3 rd Series of Euro-Commercial Paper (ЕСР) with maturity of 12 months (yield – 7.5% p.a.)