KARACHI, Sept 12: Fidelity Investment Bank Limited held a signing ceremony for Rs400 million offering of its Privately Placed Term Finance Certificates (PPTFC), which was attended by senior members from the financial community, says a press release.

The issue has been subscribed by 19 institution entailing leading commercial banks and NBFCs. The PPTFC has been structured on a floater mechanism pegged to the weighted average yields of three years PIB and has a maturity profile of three years.

Fidelity Investment Bank, a subsidiary of Trust Investment Bank Limited, along with Trust Investment Bank and Doha Bank is currently in the process of amalgamation with and into Trust Commercial Bank Limited. The scheme of amalgamation is awaiting approval of by the State Bank of Pakistan.

The proceeds from the offering will be used by FIBL towards the repayment of certain short- and medium-term obligations over time, as well as for general corporate purposes.

Speaking on the occasion Tahir Nawazish, designated CEO of Trust Commercial Bank Limited, expressed his gratitude to all investors for their support.

Naim Farooqui, MD of ORIX Investment Bank Pakistan (OIBP), highlighted the benefits of TFC’s adding depth to the nascent capital markets of Pakistan.

ORIX Investment Bank was the arranger for this offering.