Nagad, the mobile financial services arm of Bangladesh Postal Department, plans to issue zero-coupon bonds worth Tk 5 billion, which will have a face value of Tk 7.5 billion at the end of its five-year maturity.
The initiative is a first for a mobile money company in Bangladesh and was announced during an investor show in New York on Monday. Nagad, one of the key partners of the road show, has already received the initial approval from the Bangladesh Securities and Exchange Commission for the bond sale.
Nagad said in a statement on Tuesday that several foreign investors had expressed their interest in the bonds.
Kiu Global, a US-based digital services company, may invest up to $30 million in the bonds.
Riverstone Capital is acting as the arranger of the bonds and Green Delta Capital will be the trustee, Nagad said.
