FIRST OF ITS KIND, LANDMARK PRIVATE SECTOR BOND LAUNCHED IN BANGLADESH
Dhaka, May 30, 2021
Pran Agro Limited (PAL), a subsidiary of Pran-RFL Group and one of the largest agricultural and food processing companies in Bangladesh, and MetLife Bangladesh, the leading life insurance company of the country, have closed the launch of the first ever private sector infrastructure bond worth BDT 210 Crore (USD 25 Million).
MetLife Bangladesh is the sole investor of this corporate bond. This is also the first time an insurance company in Bangladesh has fully (100%) subscribed to a corporate bond. The subscription will further diversify MetLife’s investment portfolio in Bangladesh.
Green Delta Insurance Company Limited acted as Trustee to the issue. Riverstone Capital Limited acted as financial advisor and arranger. The bond is backed by an unconditional, irrevocable, on-demand guarantee by GuarantCo, a AA- rated Development Financial Institution (DFI) owned by Private Infrastructure Development Group (PIDG) and supported by the Governments of the UK, Switzerland, Australia, Sweden and the Netherlands.
As the issuer of the bond, Pran Agro Limited will use the proceeds to develop critical infrastructure in agricultural supply chain and support its expansion plans in local and international markets.
Ala Ahmad, MetLife Bangladesh’s General Manager, commented, “MetLife’s investment in this landmark bond is testament to our confidence in the growth potential of Bangladeshi companies as well as MetLife’s unique expertise in advanced investment and portfolio management.”