first public offer programme
offer closed
general
maib corporate bonds
Corporate bonds are financial instruments issued by maib, through which the bank attracts reimbursable monetary resources from citizens and enterprises in the form of 3-year investments.
During one year, 4 corporate bond issues will be organized, with a face value of 100 million MDL each. These bonds can be subscribed within 21 days. The bank applies the first come, first served principle to meet the demand.
The interest, called the coupon, will be calculated and paid quarterly.
Advantages
- The issuance of corporate bonds is allowed for circulation on the secondary market of the Moldova Stock Exchange.
- The financial means to be obtained are secured from maib’s future income.
- The coupon is more attractive compared to other financial instruments due to the margin.
- The interest is paid four times a year for 3 years, after which, at maturity the initially invested amount is paid
- The investor can open a maib card, free of charge, to receive the coupon.
- Allows diversification of the investment portfolio, thus representing an additional source of income.
- Corporate bonds can be used as collateral for other monetary and financial instruments.
- The issue is conducted through a professional capital market participant.
- Voluntary early repayment of bonds at the nominal value at the investor’s request.
- The repayment of the investments (principal) and the payment of the coupon is confirmed by the financial statements and maib forecasts
Corporate bonds can be contracted in any maib branch by individuals and legal persons, residents and non-residents of the Republic of Moldova.
Before subscribing, reading the public offering prospectus is necessary to get acquainted with all the essential information.
offer program 4 issuances of 5,000 bonds each, a total amount of 400,000,000 MDL |
term of circulation 3 years from the the issuance registration date |
minimum / maximum investment per issuance
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subscription period 21 calendar days |
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the coupon rate and the periodicity of the reference rate change
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coupon payment frequency quarterly, on the investor's card account or current account |
voluntary redemption conditions the bondholder has this right (maximum 250 bonds per issue, per person), and the redemption value of the bond will be the nominal value |
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contracting bonds at any maib branch or through the Corporate Investments Department, located in Chisinau, 104/1 Columna Street, office no.4 by phone: email: |
rata
coupon rate
coupon size calculation formula:
where:
NV – nominal value of a bond
IRn –interest rate corresponding to period n
CPn –the coupon period, the number of days corresponding to the period for which it is paid
n –serial number of the coupon
reference rate calculation formula
The interest rate offered by the bank on the maib classic deposit for 365 days open at the branch, published on the bank's official website www.maib.md, section Individual deposits, on the first day of the offer period (the subscription period).
Cn = reference rate + 2%
how the coupon is paid:
reference date (T-3)3 business days before coupon payment date |
coupon payment date (T)3 months after the bond issue date, with quarterly periodicity |
payment periodicity (T+3)starting with the coupon payment date within a maximum of 5 working days |
how does the maib corporate bond issuance process take place
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detalii
application for bonds subscription
Rights and privileges granted to bondholders
- the right to receive from maib the nominal value of the bond after the maturity period expiration and the right to withdraw the bond from the market;
- the right to receive the related coupon in the amount and within the terms established in the prospectus;
- the right to sell the bonds on the secondary market, according to the legislation, including on the regulated market of the Moldova Stock Exchange, through accredited members of the regulated market;
- the right of the bondholder to request the redemption of the bonds held until the maturity date by maib (the right to voluntary redemption).
Faq
Corporate bonds are financial debt instruments through which maib attracts monetary resources from citizens and businesses.
The corporate bond issuer is B.C. "MAIB" S.A.
Any individual or legal person, resident or non-resident in the Republic of Moldova.
Any individual or legal person, resident or non-resident in the Republic of Moldova, who has expressed willingness to buy at least one bond by submitting the subscription request during the offer's validity period.
The process by which corporate bonds are purchased.
Maib does not charge certain commission fees from investors when subscribing to bonds through the primary public offering.
During the working days of the offer validity period. Subscribers will submit the application at any maib branch or at the Corporate Investments Department (Chisinau municipality, 104/1 Columna str.) and will conclude a bond subscription contract, signed between three parts, in 2 (two) copies, between the subscriber and the issuer.
The bidding process and the signing of the documents will take place at the issuer's headquarters.
The coupon is the interest paid periodically (quarterly) to the bondholders during the circulation period. The payment will be made quarterly, which means 12 payments during the circulation period of the bonds, which constitute 3 years.
The coupon rate is floating and is paid for the entire bond-holding period.
Coupon rate formula:
Rn = reference rate + 2% (set fixed margin),
where: the reference rate represents the interest rate offered by the bank on the maib classic deposit for 365 days opened at the branch, published on the official website maib.md, section Deposits for individuals, and 2% is the set fixed margin.
The risk of default on contractual obligations. The inability of the issuer to honour its commitments to the investor regarding the payment of the coupon and/or the principal (investment). In this case, the bondholder can request early redemption of the bonds.
Maib corporate bonds are issued only in MDL.
An investor can subscribe from 1 (one) bond, worth 20,000 MDL. The maximum limit is not set.
Yes, until the registration procedure is completed. The investor ensures the availability of funds on the special payment account for the issue until the expiration date of the subscription period.
The Central Securities Depository Moldova maintains the Register of Bond Holders. The bonds are issued in dematerialized form by registering in the account.
Yes, the issuer cannot call for the bonds to be redeemed before maturity. The circulation period of the bonds is 3 years.
Yes! The issuer will pay the subscriber a sum, which will be calculated from the subscription closing date to the issue registration date. This additional benefit will be paid together with the first coupon.
Starting with January 1, 2023, according to art. 901, par. 37 of the Tax Code of the Republic of Moldova, income obtained as interest on corporate securities is taxed at 7%. As an issuer, maib will charge a tax of 7% of the interest paid for the benefit of resident individuals. Beneficiaries of the income are obliged to declare and pay the respective tax.
It is not mandatory, but an advantage. The maib customer will receive the coupon and principal (investment) faster and directly on the card.
More information about corporate bonds can be obtained:
- At phone number: (+373) 22303398 / (+373) 22303397
- By email: nina.teleaga@maib.md / valeria.kuznetova@maib.md
- On maib.md webpage.
Each subscriber has the right to redeem bonds at their nominal value voluntarily but within a limit of 250 bonds per holder in an issue. The voluntary redemption request may be launched until the coupon is paid, but no earlier than 30 days before the coupon is paid. In this case, the last coupon is not paid.
Maib corporate bonds are traded through the Moldova Stock Exchange. The holder has the right to dispose of the bonds on the secondary market through accredited, regulated market members.