B&N Bank sells second ECP tranche
November 13, 2012
B&N Bank has sold the second ECP tranche worth $17m at 7.5 % as part of its $300m ECP programme, the bank reported. The paper is due in 6 months. BCP Securities, the Royal Bank of Scotland and VTB Capital are arrangers on the deal. The tranche was mainly bought by Russian and Western investment companies. The proceeds will be used to finance the bank's export-import transactions.
"We've been using ECP tranches to attract new investors and secure their interest in our future issues," said Senior Vice-President of the bank Irina Komarova.
In August 2012 the bank raised $40m in the framework of the same ECP programme. The bulk of investor base was made up of banks and investment companies/funds from Russia, Europe, Asia and Australia.
Company — BINBank (doesn't exist)
Full nameB&N Bank (Public Joint-Stock Company)