Shearman & Sterling advised IFC on the first housing bond issued in Bangladesh, provided to BRAC Bank Limited. The investment constitutes of up to US$50 million equivalent in Bangladeshi Taka (BDT) in an up to 5-year, fixed rate, senior, non-convertible, unsecured, privately placed debt instruments issued by BRAC Bank to provide housing finance facility, including affordable housing finance facilities to low and middle-income households in Bangladesh. The project will support the development of housing finance and constitute important step in Bangladesh’s long-term bond markets.
The Shearman & Sterling team was led by partner Jean-Louis Neves Mandelli and included senior associate Bilyana Belcheva, associate Adam Blythe and trainee Nathalie Warke (all Singapore-Project Development & Finance).
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NOTES TO EDITORS:
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