In April 2021, the Bank successfully redeemed its five-and-half year (5 and 1⁄2 year) Medium Term Notes (MTN) worth Sh2.0188 billion that was issued in 2016 and listed on the NSE.
Speaking during the bell ringing ceremony at the NSE trading floor, Kiprono Kittony, the NSE Chairman noted that the oversubscription of the initial bond demonstrates the confidence investors have in Family Bank and affirms the importance of the corporate bond market as a key source of business financing.
“The success of this bond supplements the growth of NSE’s corporate bond market that has witnessed a total capital raise of Sh13.6 billion in the last two years,” he added.
Geoffrey Odundo, Chief Executive, NSE congratulated Family Bank on their tremendous growth over the past few years and welcomed them back to the market.
“We are delighted that Family Bank are returning for another listing of their corporate bond. This is an indication of the potential recovery of the corporate bond market and an acknowledgement of the rising investor appetite in our market for debt securities.”
The Bank raised Sh4.42 billion from local fund managers, banks, retail investors, insurance companies and other institutional investors.
The Note will bear interest at a fixed annual rate of 13.0 per cent until maturity on December 17, 2026.
