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Nepal Central Bank NRB to issue development bond worth Rs 8 billion

KATHMANDU: Nepal Central Bank ‘Nepal Rastra Bank’, (NRB) is preparing to issue development bond worth Rs. 8 billion with a maturity period of nine years on Friday.
The Development Bond named “Development Bond 2085 Ga” will be issued through a competitive and non-competitive bidding, according to a notice of the Public Debts Management Department, NRB.
Banking and financial institutions, non-banking financial institutions, insurance companies, organised groups and general public can apply for the bond.
The bank said that all the interested parties would have to submit their documents through the Online Bidding System Software of NRB by 3 pm Thursday (May 16, 2019).
The bond will be allocated on Friday (May 17, 2019) with maturity on (May 16, 2028).
All interested parties can apply for the bonds worth minimum Rs. 50,000 and maximum bonds worth an amount not exceeding the size of total issue and divisible by 50,000 without remainder.
Altogether 80 per cent (Rs. 6.4 billion) of the bond amount is allotted for competitive bidders and the remaining 20 per cent (Rs. 1.6 billion) for the non-competitive bidders, read the bank’s notice.
The group ‘A”, ‘B”, and ‘C’ banks and financial institutions licensed from NRB would not be allowed to participate as non-competitive bidders, read the notice.
The interest rate of the bond will be fixed by looking at the interest rates proposed by the participants taking part in the competitive bids.
The applicants must also pay 2.5 per cent of the bid amount on the central bank’s account as urgent money and submit the deposit voucher at the PDMD by 3:00 P.M.
The NRB said that it would refund the money to the bidders who are not selected and the extra amount within seven days of allotment without any interest.

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