Second maib corporate bond programme approved by the regulator

23 Nov, 2023

Second programme of maib’s corporate bonds will shortly be available to the public, after receiving the necessary approvals from the Moldovan securities regulator, the National Commission for Financial Markets (CNPF). The programme has a total value of MDL 1 billion over 10 tranches, MDL 100 million each, which will be distributed via maib branches. Each bond has a maturity of 3 years and pays a monthly coupon. Face value of each bond is MDL 20,000. It has a floating coupon (re-set annually) tied to the average interest rate of new deposits in domestic currency (MDL) for the whole banking sector as published on the NBM website (www.bnm.md), plus a premium of between -1.0% and 1.5% depending on the class of the issue. The bond is puttable by the holder up to a certain amount. The bond programme conditions fully comply with relevant regulations of both the capital markets and the banking system, and allow maib to diversify and expand its funding base.

Developing capital markets in Moldova

This bond programme represents another step in the development of Moldova’s capital market, making more financial instruments available to the Moldovan public. Bonds are tradeable on the Moldovan Stock Exchange and allow its holders an option to obtain liquidity quickly. Maib continues to be at the forefront of the capital market evolution with its innovative products and services.

Results of first bond programme

The first maib bond programme commenced in April 2023 and was the first corporate bond offering on Moldovan market in nearly twenty years. The total value of funds raised under the programme was MDL 258 million with over 740 investors buying into the offering, most of them retail customers. The offering was accompanied by a financial education campaign, which familiarized the public with the new financial instrument. Bond holders obtained a favorable return on their investment exceeding the rate on retail deposits.

Macar Stoianov, maib CFO, commented:

“This is a great opportunity for both maib and our clients. For our customers, this bond programme provides an alternative method of saving with a more attractive interest rate than a comparable deposit might offer. And with the bond being both tradable and puttable, any potential buyer has that extra layer of certainty. Maib will benefit from this issue as it represents a possibility for us to diversify our funding base. Here at maib we take great pride in our work and we believe that this product will not only be a great step forward for ourselves and our clients, but also for our national capital markets."

Maib corporate bond is a complex investment product. In order to assess the risks and understand if this product is appropriate for you please read the prospectus document, which is available on the maib home page. For more information please contact Nina Teleaga or Valeria Kuznetova:

Nina Teleaga
Phone: +37322303398
E-mail: nina.teleaga@maib.md

Valeria Kuznetova
Phone: +37322303397
E-mail: valeria.kuznetova@maib.md

About maib

Maib is the largest bank in Moldova, with a share of 33.8% of deposits and 38.2% of loans of the entire banking system at the end of 3Q 2023. Maib is a disciplined lender with NPL ratio of 3.1% and is well capitalised with CAR of 23.0% as of 30 September 2023. The Bank is of systemic importance to the country as it serves almost a third of the population and is the largest private employer in Moldova, with a workforce of over 2,400 people. 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.

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E-mail: Dserban@vertikgroup.eu
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Evgenii Risovich
E-mail: Evgenii.Risovich@maib.md
Phone: +37368403477