Foreign Exchange Rates

CRDB Bank Advert

Ultimate Finance Advert

Advertise Here

Advertise Here

Tuesday, 5 June 2018


  • The 5 year corporate bond issuance program is worth TZS 120 billion
  • TMRC will issue its first tranche of TZS 12 billion immediately in June 2018
Tanzania Mortgage Refinance Company Limited (TMRC) has launched its 5 year corporate bond issuance program to the public. The launch took place at the Serena Hotel and it was witnessed by potential investors, regulators and other financial sector stakeholders. 

The TMRC bond issuance launch took place after TMRC received all the necessary approvals for the 5 years corporate bond issuance program worth TZS 120 billion. The program received the green light from both the Capital Markets and Securities Authority (CMSA) as well as Dar-es-salaam Stock Exchange (DSE). 

The TMRC corporate bonds will be listed on the DSE. The CMSA and DSE approval also included the go ahead for TMRC to issue its first Tranche of the corporate bondwhich will be TZS 12 billion. TMRC CEO Oscar Mgaya said “we have received all the necessary approvals and we intent to go to the market with our first tranche immediately”. 

TMRC is a specialized private sector financial Institution that provides long-term funding to financial institutions for the purposes of mortgage lending. It has the objective of supporting financial institutions to do mortgage lending by refinancing Primary Mortgage Lenders' (PMLs') mortgage portfolios. This type of lending is also known as wholesale or secondary market lending. 

TMRC neither takes deposits nor lends directly to individuals. It refinances mortgage loan portfolios rather than individuals mortgage loans and caters to banks rather than individual borrowers. TMRC is raising the funds to support its operations of mortgage refinancing. “It was envisioned from its inception that TMRC will source funds from the capital markets through bond issuance among other sources” said Mgaya. “It was just a matter of time and now is the right time given the declining interest rates environment” added Mgaya.

No comments:

Post a Comment