World’s First Bangladesh Taka-Denominated “Bangla” Bond Listed

The London Stock Exchange welcomed the listing of the first-ever international Bangladesh Taka-denominated “Bangla” bonds to its main market.

Issued from IFC, one of the members of the World Bank Group, this sets up the opening of the global Bangla bond market, essential to support financing of Bangladesh companies while raising the international profile of the Bangladeshi Taka.

The Finance Minister of Bangladesh, AHM Mustafa Kamal commented that the “the issuance of ‘Bangla Taka Bond‘ is the beginning of a long journey to our destination.”.

Lead arrangers on the bond were Standard Chartered Bank and Bank of America Merrill Lynch. Taka bonds will continue to be issued for funding local currency by the IFC in Bangladesh.

The IFC raised 800 million Bangladeshi Taka (approximately GBP £7.4 million equivalent) of three-year bonds, securing international investor support.

The proceeds will go on to provide funding for the PRAN Group, which is Bangladesh’s leading food and beverage manufacturer. As well as this, the PRAN group is also Bangladesh’s largest private-sector employer, with the funding being spent predominantly on expansion of existing capacities, as well as continuing to develop rural distribution reach.

The vice president and treasurer of the IFC, Nena Stoiljkovic had the following to say:
“The first-ever Bangla bond issued by triple-A-rated IFC and listed on the London Stock Exchange will help provide Taka-denominated solutions for PRAN Group to broaden its operations and boost local jobs. We look forward to remaining an active partner in Bangladesh’s journey to attain greater prosperity.”

This positive statement was followed by the IFC vice president and treasurer John Gandolfo saying:
“The issuance of the inaugural Bangla bond is an important capital markets innovation. IFC is committed to expanding local currency financing in emerging markets and we plan to continue issuing Taka bonds to fund local currency transactions in Bangladesh.”

By setting up the opening of the global Bangla bond market, this move is set to support financing for Bangladesh companies, whilst continuing to raise the international profile of Bangladeshi Taka.

Sonali Bangladesh (UK) Limited on 16th August 2022 took over the existing legal obligations of Sonali Bank (UK) Limited by virtue of section 81 (2) of the Companies Act 2006.

 Sonali Bank (UK) Limited closed all personal accounts on 31st December 2017. The balance remaining on the accounts was subsequently transferred to independent trustees appointed for that purpose, in accordance with the terms of a trust deed entered between SBUK and the trustees. This was communicated to customers at the time so as they could contact the Trustees to make applications for unclaimed funds.

 To allow former account holders more time to apply for unclaimed deposits from the Trustees, the Trust has been extended by a further 5 years until 20th February 2029.

 The trustees are Christine Bartlett and Nigel Heath Sinclair of Richard Long & Co, whose contact details are as follows:

 Christine Bartlett and Nigel Heath Sinclair

Richard Long & Co

Castlegate House

36 Castle Street

Hertford

Hertfordshire

SG14 1HH

 Telephone number: 01992 503372.

 Email: heath.sinclair@richardlong.co.uk (with a copy to enquiries@richardlong.co.uk)

  

If you wish to claim payment of amounts owed to you, the appropriate course will be to make a request for payment in writing to the trustees using the contact details above, rather than SBUK. When you contact the trustees in this way, you will be required to prove your identity in the same way as if you were withdrawing the funds from the Bank prior to 31st December 2017. 

 

Please note that funds transferred to the trustees, do not earn any interest as per the Trust arrangement.   

The London Stock Exchange welcomed the listing of the first-ever international Bangladesh Taka-denominated “Bangla” bonds to its main market.

Issued from IFC, one of the members of the World Bank Group, this sets up the opening of the global Bangla bond market, essential to support financing of Bangladesh companies while raising the international profile of the Bangladeshi Taka.

The Finance Minister of Bangladesh, AHM Mustafa Kamal commented that the “the issuance of ‘Bangla Taka Bond‘ is the beginning of a long journey to our destination.”.

Lead arrangers on the bond were Standard Chartered Bank and Bank of America Merrill Lynch. Taka bonds will continue to be issued for funding local currency by the IFC in Bangladesh.

The IFC raised 800 million Bangladeshi Taka (approximately GBP £7.4 million equivalent) of three-year bonds, securing international investor support.

The proceeds will go on to provide funding for the PRAN Group, which is Bangladesh’s leading food and beverage manufacturer. As well as this, the PRAN group is also Bangladesh’s largest private-sector employer, with the funding being spent predominantly on expansion of existing capacities, as well as continuing to develop rural distribution reach.

The vice president and treasurer of the IFC, Nena Stoiljkovic had the following to say:
“The first-ever Bangla bond issued by triple-A-rated IFC and listed on the London Stock Exchange will help provide Taka-denominated solutions for PRAN Group to broaden its operations and boost local jobs. We look forward to remaining an active partner in Bangladesh’s journey to attain greater prosperity.”

This positive statement was followed by the IFC vice president and treasurer John Gandolfo saying:
“The issuance of the inaugural Bangla bond is an important capital markets innovation. IFC is committed to expanding local currency financing in emerging markets and we plan to continue issuing Taka bonds to fund local currency transactions in Bangladesh.”

By setting up the opening of the global Bangla bond market, this move is set to support financing for Bangladesh companies, whilst continuing to raise the international profile of Bangladeshi Taka.

December 16, 2019 | Sonali Bank UK