Symbiotics’ Impact Bond Issuance Platform Lends 10 Million Dollars to AccessBank...
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Azerbaijan, November, 29 2012 - Azerbaijan’s leading microfinance bank, AccessBank, received 10 million dollars through MSME Bonds, Symbiotics’ impact bond issuance platform, on November 20, 2012.
The platform offers standardized electronically-traded syndications for fixed income investors. The transaction was offered by Symbiotics to an array of traditional and fixed income institutional investors in Europe, including a pension fund, a private bank and an impact investing fund.
AccessBank is the leading provider of financial services to micro-, small and medium- sized enterprises in Azerbaijan and has the highest credit rating among banks in the country. The bond offers 3-year financing to sustain the growth of its micro and small enterprise credit portfolio.
“This is an important new transaction with our long-term partner, Symbiotics, which will support the strong current growth of the Bank’s lending activities to micro and SME businesses especially in the regions of the country where the Bank is continuously expanding its outreach,” Michael Hoffman, CEO of AccessBank, comments.
Symbiotics has structured financing for AccessBank since 2006, originating over USD 30 million coming from its institutional investor clientele. This type of issuance, through a formalized bond platform, will help the microfinance institution to take a step further in gaining visibility and creating diversification in the European capital markets.
“We are very proud to contribute to the further development of our long standing partner AccessBank Azerbaijan,” remarks Roland Dominicé, CEO of Symbiotics. “With MSME Bonds, we are able to access more traditional investors and offer them the opportunity to get direct exposure to first tier financial institutions in emerging economies, capturing the growth of their micro and small enterprise market.”