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December 2, 2024 | 1 month ago

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Maghreb Leasing Algérie completes its fourth institutional bond issue, worth 2 billion dinars (DZD)

On Sunday, Maghreb Leasing Algérie (MLA) completed its fourth bond issue, worth 2 billion dinars (bn DZD).

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The Banque de Développement Local (BDL) (Local Development Bank) organized a bond issuance counting session, attended by representatives from the Stock Market Operations Regulatory Commission (COSOB), Algeria Clearing, banks, and investors.

According to MLA's Board Chairman, El Amine Senousi, five subscription requests were presented by institutional investors for a total of DZD 2 billion, covering 100% of the initial issuance, 200,000 bonds with a nominal value of DZD 10,000 each, over five years, with a coupon rate of 5.4%.

Mr Senousi stated the funds raised will be used to refinance the leasing activity for SMEs, contributing to their growth and development.

BDL's CEO, Youcef Lalmass, explained that this operation is part of the bank's strategy to diversify its financing sources.

MLA, specializing in leasing, has been licensed in Algeria since 2006 with a capital of DZD 6.5 billion, and previously raised bond loans in 2015, 2017, and early 2024, totalling DZD 7 billion. COSOB recently approved MLA's bond issuance for institutional investors, valued at DZD 2 billion.

BDL leads the operation as an intermediary in stock market transactions,  assisted by an investment syndicate and several banks and companies.

December 2, 2024 | algeria-logo

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