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Bangladesh plans floating rate bonds
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SME Times News Bureau | 21 May, 2018
Bangladesh has planned to issue floating rate bonds, the first of its kind in the country.
The
objective behind issuing the bonds is to meet the government's own
rising financial need and develop debt profile, Xinhua news agency
reported.
Md Ekhlasur Rahman, a Finance Ministry official, said the government has already issued a notification in this regard.
According
to the officials, maturity period of the bond styled "Floating Rate
Treasury Bonds" (FRTB) will be more than one year.
Non-resident
investors will be eligible to purchase the floating bond with fund from
a non-resident foreign currency account, or Non-resident Investors Taka
Account (NITA) with a bank in Bangladesh in the name of the purchaser,
they said.
And such investors will also be eligible to transfer
coupon payments and resale or redemption proceeds abroad in foreign
exchange, according to the features.
The country's financial intermediaries said shorter floating rate securities will help ensure government's borrowing plan.
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