BAKU, Azerbaijan, Feb.9. The Black Sea Trade and Development Bank (BSTDB) has raised $350 million through a three-year bond issuance under its 2.5 billion euro Medium-Term Note program, the bank said, Trend reports.
The bond carries a fixed coupon of 5.625%, payable semi-annually. It was priced at 205.5 basis points over the U.S. Treasury benchmark maturing on May 1, 2029.
The transaction was oversubscribed by about 6.7 times the initially targeted size of $300 million, allowing the issuer to tighten pricing by 62.5 basis points from initial guidance after books opened, BSTDB said.
The deal attracted strong demand from institutional investors across Europe, the United States, Asia and the Middle East.
Proceeds from the issuance will be used to support the bank’s operations and development activities in its member countries.
BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye and Ukraine. Headquartered in Thessaloniki, Greece, the bank provides loans, credit lines, equity and guarantees to support projects and trade financing in both the public and private sectors. Its authorised capital stands at 3.45 billion euros.