Capital Bank Raises $40mln in Corporate BondSource: www.export-egypt.com 3/23/2019, Location: Middle East |
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Capital Bank has successfully completed the issue of a $40-million 7-year corporate bond, through its investment arm Capital Investments, which acted as the issue manager of the non-public offering.
The private placement was issued at a fixed interest rate of 7 percent payable every six months. The bank said in a statement Saturday that the issue is in line with the Basel III requirements to strengthen the capital base and diversify funding sources. Capital Investments, a wholly-owned subsidiary of Capital Bank, provides corporate finance, asset management and brokerage services to local, regional and global to companies, governments and individual clients, as well as unique services in the Iraqi market through the National Bank of Iraq. Mr. Khalil Al Salem, Chairman of Capital Bank said: "This issue is the second of its kind for the Bank after the first issue in 2014. I am delighted to announce our success in issuing the $40 million corporate bond through a non-public offering. The bond will be used to upgrade and develop the digital infrastructure of Capital Bank to enhance the services offered to its customers". According to the bank's statement, the issue attracted a diverse base of investors, including banks, insurance companies, corporate investors and other high net worth individuals. Noteworthy, Capital Investments succeeded in managing and issuing the first Capital Bank's corporate bond in 2014 worth $25 million, which was repaid earlier this month (March). |
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