U Microfinance Bank’s TFCs of Rs. 3.5 Billion Listed on PSX

Pakistan Stock Exchange (PSX) has notified the listing of Privately Placed, Rated, and Secured Term Finance Certificates (TFCs) of Rs. 3.5 billion of U Microfinance Bank Limited on the Exchange from November 24, 2022.

The trading in the TFCs will commence from November 25, 2022, through Bond Automated Trading System (BATS) and will be settled through National Clearing Settlement System (NCSS) on a T+1 basis, according to the notification issued by the PSX.

The TFCs have a tenor of four years and offer a floating coupon rate of 6 months KIBOR plus 135 bps.

Pak Brunei Investment Company Limited is acting as the Issue Agent. Only Qualified Institutional Buyers (QIBs), as defined in Chapter 5C of the PSX Rule Book, are allowed to trade in the TFCs of the Bank. The Market Lot will be one Certificate with a face value of Rs. 100,000 each. The Bank has not appointed a Designated Market Maker for this issue.

U Microfinance Bank is not a listed bank however it can raise funds through PSX. The bank is one of the fastest-growing microfinance banks in Pakistan and has over 240 branches in the country. It is also operating a branchless banking service UPaisa with 50,000 active points of sales.

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