Phnom Penh Commercial Bank (PPC Bank), the grandson company of JB Financial Group, has succeeded in issuing corporate bonds in Cambodia for the first time among South Korean financial companies, the bank announced on April 27.
PPC Bank completed the first round of issuance of US$10 million worth of corporate bonds (40 billion LiL) after receiving official approval from the Cambodian Securities and Exchange Commission (SECC). Its face value is $25 with a three-year corporate bond at an annual interest rate of 6.5 percent.
PPC Bank said it plans to issue an additional $10 million (40 billion LiL) corporate bonds in the second round in six months, considering changes in the financial market environment and demand following the spread of the COVID-19.
"Through the issuance of corporate bonds, our bank has become one of the major financial institutions that can raise new long-term funds in Cambodia," said Shin Chang-moo, president of PPC Bank.
"We are confident that it will greatly contribute to enhancing brand awareness as well as building new investment relations with local institutional investors," he added.
