BNR Successfully Concluded Sale of Frw10 Billion Bond

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On behalf of government of Rwanda, the National Bank of Rwanda successfully issued a 5 year fixed coupon worth Frw 10Billion.

According to a statement signed by John Rwangombwa, the governor of the National Bank of Rwanda the issuance has been successful, with a very high subscription level of 222.03 percent from 64 applications received from different categories of investors.

BNR employed book-building method to price the bond. The book opened on Monday august 21, 2017 and closed on Wednesday august 23. The initial price guidance was announced at lower 12s with the final price announced at par; at a yield of 12.200 percent.

The coupon will be paid semi-annually and the bond will be listed on Tuesday 29, 2017 at Rwanda stock exchange.

The successful issuance is attributed to the awareness campaigns meant to encourage the public to adopt to a saving culture through investing in government Treasury bond.

Retailers and individuals investor’s participation was a record high at 29 percent, banks and institutional investors were allocated 43% and 28 of total amount offered respectively.

The next issuance will be on November 22.2017; for a 7-year bond.

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