Inaugural maib bond offering for domestic market
This week maib closed on its first ever domestic bond issue after obtaining all the necessary approvals from the Moldovan securities regulator, the National Commission for Financial Markets (CNPF). This is a first corporate bond offering in Moldova in nearly twenty years. Total value of the issue was MDL 58.5 million, and it was placed primarily with retail customers. The bond has a maturity of 3 years and pays a quarterly coupon. It has a floating interest rate (re-set annually) tied to the rate on maib’s one year term deposit plus 2% premium. The bond is puttable by the holder up to a certain amount.
For maib the bond offering presents an innovative way to diversify its funding base while meeting all the regulatory requirements. It is also another step towards developing the capital markets in the country. Maib’s Retail business unit handled distribution of the bond offering via branches and digital channels. It is the first placement of securities out of MDL 400 million bond program envisioned by maib.
Macar Stoianov, maib CFO, commented:
“For our customers maib bonds are an attractive savings product, which pays a higher interest rate than a deposit with a similar duration. The customer has additional flexibility of a tradeable security and also the option to sell the bond back to the issuer. For maib this is an opportunity to diversify our funding base complying with all existing regulations. It is an important development for us and for the Moldovan capital markets. I would like to thank the team who worked on the offering”.
Maib is the largest bank in Moldova, with a share of 31.9% of deposits and 37.0% of loans of the entire banking system at the end of Q1 2023. Maib is a disciplined lender with NPL ratio of 2.3% and is well capitalised with CAR of 21.8% as of 31 March 2023. The Bank is of systemic importance and serves almost a third of the country's population. Since 2018, maib's largest shareholder is a consortium, which includes the European Bank for Reconstruction and Development (EBRD), Invalda INVL, a leading asset management group in the Baltic States and Horizon Capital, a private investment fund focused on emerging markets.
Upcoming investor events
- 15 June – Annual General Shareholders Meeting
Recent Investor Relations Releases
- Q1 2023 financial results
- Funded risk sharing facility agreement with EBRD
- 2023 AGM Announcement
- Maib receives loan from IFC
Contact investor relations
Maib Investor Relations