Finance

Société Tunisienne de Banque issues $17 million bond to fund development

Monday, 03 December 2018 17:54
Société Tunisienne de Banque issues $17 million bond to fund development

(Ecofin Agency) - On December 3, 2018, Société Tunisienne de Banque (STB) announced the issuance of  TND50 million (about $17 million) bond to fund its development.

Subscription for this bond divided into 500,000 bonds of TND100 each was opened on December 3, 2018, at STB Finance, the bank’s subsidiary for intermediation, and will be concluded on January 18, 2019.

There are three bond categories: category A with five years maturity period for 9.25% fixed interest rate; category B with five years maturity period and an interest rate variable representing 2.5% more than the average market rate. Finally, there is category C with a seven years maturity period and a variable interest rate of 2.65% higher than the average market rate.  

The issuance is aimed at raising stable middle- term resources necessary for the development of the bank’s activities, consolidation of its own equity and funding its 2018-2022 strategic plan.

Let’s note that in October 2018, STB announced TND35.8 million ($12.7 million) of net profits generated in H1, 2018; a performance 64.4% higher on a year on year basis.



 
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