Dhaka, Bangladesh (BBN) – The Citibank, N.A is working to introduce more debt and equity products in the local market shortly, a senior official said.

The disclosure came after the foreign commercial bank raised BDT 7.07 billion through amortized local currency bonds for Orascom Telecom Bangladesh Ltd (OTBL) on a private placement basis.

The OTBL, a subsidiary of Orascom Telecom Holdings S.A.E. of Egypt, is the second largest mobile telecom operator in Bangladesh.

The United States-based Citibank, N.A., Dhaka branch is the sole mandated lead arranger and placement agent in this transaction. This is the largest bond offering so far in the country.

The bonds are amortized over a period of 4.5 years. The coupon rate has been fixed at 13.5 per cent annually.

The range of investor includes banks, non-banking financial institutions, general and life insurance companies, funds and corporate houses, the Citibank official added.

“We remain committed to bringing in more customized solutions for our esteemed clients and have always geared towards continuous solution building for them,” the Citibank official told BBN in Dhaka.

He also said the Citibank has been working continuously to bring new debt and equity products for local corporate, mutational corporate and micro-finance institutions to facilitate their business activities.

BBN/SS/SI/AD-18March10-1:16 pm (BST)