Microfinance company OnlineKazFinance LLP (part of the IDF Eurasia group) successfully placed its 2 year bonds on the Astana International Exchange (AIX). The issue volume was up to US$ 7 million with a coupon of 9% per annum. The nominal value of one security is US$100, and payments are made on a quarterly basis. Freedom Finance JSC is the underwriter of the bonds.
During the first day of placement, bonds amounting to more than $5.6 million were placed.
Boris Batine, co-founder of IDF Eurasia, commented: “We have placed our second bond issue in Kazakhstan aiming at expanding the presence of IDF Eurasia on the financial markets. The first successful placement of bonds in KZT currency took place just a month ago at the Kazakhstan Stock Exchange (KASE), becoming the debut for the entire microfinance industry. On the very first day of trading, we managed to raise over USD 5.6 million by placing more than 80% of the maximum available volume of securities. The placement showed a very high interest from both institutional and retail investors in bonds of reputable issuers from the sector. Given this success, IDF Eurasia is planning a wide range of activities on the Kazakhstan financial market in 2021. The proceeds from the issue will be used to finance the development of the company’s current and future products.”
About IDF Eurasia
MFO OnlineKazFinance LLP is part of IDF Eurasia group, the largest online lending service in Russia and Kazakhstan, operating in these countries under the Moneyman and Solva brands. The company combines the use of advanced developments in decision-making with the principles of responsible lending.