AccessBank involves $10 mln from Symbiotics
Baku, December 1 (AZERTAC). 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.
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.
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