OREANDA-NEWS. On October 25th, 2013 B&N Bank closed the book for its 5th Series Euro-Commercial Paper in the amount of USD 22mln at initial yield of 6.7 % under its USD 300mln 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 Russian and European participants of the financial market. The raised funds will be used for financing of SME projects.

“This year we have issued three series of ECP, gradually reducing the initial yield from time to time. We are encouraged by the volume of the issue despite the current turbulent market environment. Due to this debt instrument we have achieved one of the main strategic goals for 2013 such as funding base diversification,” stated Irina Komarova, B&N Bank Senior Vice President.

Currently there are two outstanding ECP series for the total amount of USD 71.8mln with one-year maturity. Initial yield to maturity of the issues was 7.5% p.a. and 6.75% p.a. respectively.