Small-sized Romanian lender Libra Internet Bank has closed the bond issue launched on March 17 managing to attract EUR 4.3 million from investors, less than half of the EUR 10 million target but more than the minimum subscription threshold.

The bonds issued by the bank have a nominal value of EUR 500, a coupon of 5% (per year) payable half-yearly, and a maturity of 10 years.

The funds were collected in one week, with 27 subscriptions from investors, most of them through the online platform. The placement was intermediated by local brokerage firm Tradeville.

“We thank the investors for their trust. Exceeding the successful threshold and closing the subscription ahead of time, especially in this difficult time globally, strengthen Libra’s ambitious spirit,” said Emil Bituleanu, general manager Libra Internet Bank.

Libra Internet Bank, a small financial institution focusing on the niche of freelancers and small enterprises, has assets of over RON 6 billion (EUR 1.2 bln), deposits of over RON 5 bln, a network of 55 branches, and over 100,000 clients. Last year the bank reported a net profit of over RON 100 mln (EUR 20 mln).

The bank is 66.7% owned by the American investment fund Broadhurst Investments.

editor@romania-insider.com

(Photo source: Facebook/Libra Internet Bank)