North Macedonia UNI Banka gets nod to issue €1.35mn perpetual bonds

By bne IntelliNews October 18, 2023

North Macedonia’s UNI Banka has been given the green light for the issuance of perpetual bonds in the amount of €1.35mn by the country’s Securities and Exchange Commission.

The perpetual bonds are offered at their nominal value, priced at €1,000 per bond. The capital raised from this issuance will serve as supplementary Tier 1 capital, bolstering the bank's financial foundation.

The funds will be allocated for general corporate purposes, particularly to support the bank's credit expansion, the Commission said on October 16.

The bonds possess several key characteristics: they are non-cumulative, non-convertible, transferable, subordinated, unsecured and carry a fixed interest rate. Importantly, they do not come with any form of guarantee, meaning they lack additional security from the bank or any affiliated parties.

Initially, the bonds will yield a fixed interest rate of 6% annually for the first five years from the date of issuance. Subsequently, the interest rate will increase by 2%, settling at 8% per annum.

Uni Banka is predominantly owned by two Bulgarian entrepreneurs, holding a collective ownership of 72.9%. Additionally, the bank has 333 smaller stakeholders who do not meet the qualification criteria for significant ownership.

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