{"id":26726,"date":"2021-04-10T16:16:11","date_gmt":"2021-04-10T16:16:11","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=26726"},"modified":"2021-04-10T15:59:30","modified_gmt":"2021-04-10T15:59:30","slug":"tmrc-to-raise-7-0bn-through-bond-issuance-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/tmrc-to-raise-7-0bn-through-bond-issuance-2","title":{"rendered":"TMRC to raise 7.0bn\/- through bond issuance"},"content":{"rendered":"

Africa-Press<\/a> – Tanzania<\/a>. <\/strong><\/span>TANZANIA Mortgage Refinance Company (TMRC) has issued a third tranche of five years bond which poised to attract debt investors due to its attractive yield.<\/p>\n

TMRC said on Thursday that it wants to raise 7.0bn\/- with a coupon rate of 10.48 per cent to facilitate mortgage business in the country.<\/p>\n

The third tranche, which is part of the 120bn\/- approved amount in 2018 in allocation of five year each, came when the previous two tranches were oversubscribed. TMRC said the bond is opened to all Tanzanians, natural and corporate and three weeks application lists started on Thursday.<\/p>\n

Vertex Financial Services Economist Ahmed Nganya said the yield looks very attractive and superior compared to the 5-year Treasury bond of 9.13per cent.<\/p>\n

\u201cThe coupon rate of 10.48per cent looks very attractive for [the bond] considers withholding tax impact on interest and its annual return,\u201d Mr Nganya told \u2018Daily News\u2019: \u201cWe think the timing is right for this as it goes on tandem with current yield trend\u2026yields keep on increase with every bonds and bills auction.\u201d The corporate bond proceeds will be used to provide affordable loans to people and financing other development projects in order to improve the housing sector in the country.<\/p>\n

The debt and stock analyst, further said, TMRC is a sound business due to its business models and investors which are backed by commercial banks and pensions.<\/p>\n

\u201cWe recommend investors to consider this medium term note as it offers a great opportunity for diversification,\u201d Mr Nganya said.<\/p>\n

The bond will be listed on Dar es Salaam Stock Exchange (DSE) late next month similar to the previous tranche one and two. The second tranche, which TMRC wanted to raise, 8.0bn\/-, was oversubscribed by over 16 per cent since had high yield rate. The bond fetched 9.28bn\/-, instead.<\/p>\n

The second tranche offered a fixed coupon rate of 13.46 per cent while the Treasury bond of May 2019 had rate of 10.62 per cent. The first tranche was subscribed by over 4.0 per cent to 12.5bn\/- and was later listed on DSE.<\/p>\n

TMRC is a financial institution owned by banks and non-bank institutions with the sole purpose of supporting banks to do mortgage lending by refinancing banks\u2019 mortgage portfolios.<\/p>\n

TMRC shareholders including CRDB, NMB, EXIM Bank, Azania Bank, TIB Development Bank, BancABC, DCB Commercial Bank, NBC Bank, BoA Bank, I&M Bank, People\u2019s Bank of Zanzibar, NCBA Bank, National Housing Corporation (NHC), Shelter Afrique, Mkombozi Commercial Bank, First Housing Finance Co and International Finance Corporation (IFC).<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. TANZANIA Mortgage Refinance Company (TMRC) has issued a third tranche of five years bond which poised to attract debt investors due to its attractive yield. TMRC said on Thursday that it wants to raise 7.0bn\/- with a coupon rate of 10.48 per cent to facilitate mortgage business in the country. The third […]<\/p>\n","protected":false},"author":84,"featured_media":26725,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6990,6991,711],"class_list":["post-26726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nTMRC to raise 7.0bn\/- through bond issuance - Tanzania<\/title>\n<meta name=\"description\" content=\"TANZANIA Mortgage Refinance Company (TMRC) has issued a third tranche of five years bond which poised to attract debt in ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tmrc-to-raise-7-0bn-through-bond-issuance-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TMRC to raise 7.0bn\/- through bond issuance\" \/>\n<meta property=\"og:description\" content=\"TANZANIA Mortgage Refinance Company (TMRC) has issued a third tranche of five years bond which poised to attract debt in ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tmrc-to-raise-7-0bn-through-bond-issuance-2\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-10T16:16:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/img-6071cb350ae5f.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"860\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tmrc-to-raise-7-0bn-through-bond-issuance-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tmrc-to-raise-7-0bn-through-bond-issuance-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"TMRC to raise 7.0bn\/- through bond issuance\",\"datePublished\":\"2021-04-10T16:16:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tmrc-to-raise-7-0bn-through-bond-issuance-2\"},\"wordCount\":426,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tmrc-to-raise-7-0bn-through-bond-issuance-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/img-6071cb350ae5f.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tmrc-to-raise-7-0bn-through-bond-issuance-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tmrc-to-raise-7-0bn-through-bond-issuance-2\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tmrc-to-raise-7-0bn-through-bond-issuance-2\",\"name\":\"TMRC to raise 7.0bn\/- through bond issuance - 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