BSTDB Issues USD 150 Million Notes to Support Portfolio Growth and Pandemic Response

News | 24-Jul-2020

The Black Sea Trade and Development Bank issued an additional USD 150 million of its outstanding USD 3.500% notes due 25th June 2024, increasing the total size of the issue to USD 550 million. The Bank also invited holders of its USD 500 million 4.875% notes due 6th May 2021 to tender bonds either to purchase the new 2024 issue or for cash. The USD 150 million 2024 note new issuance was priced at mid-swaps + 225 basis points with 350% plus oversubscription and participation by 60 high quality investors with banks, asset managers and pension funds dominating the bids.

The transaction will assist the Bank’s portfolio growth targets and its current activities contributing to post-pandemic recovery in the Black Sea Region.