KARACHI: National Bank of Pakistan (NBP) along with other banks has signed with Pakistan Mortgage Refinance Company Limited (PMRCL) for issuance of Rs 5 billion Term Finance Certificate (TFC).
Pakistan Mortgage Refinance Company Limited (PMRCL), one of the premier and fastest growing DFI in Pakistan, has issued its largest syndicated 5-year TFC of Rs 5 billion, in line with the objective to develop fixed rate capital market.
The proceeds of the TFC will be utilised by PMRCL to finance the housing mortgage portfolios of eligible financial institutions. Investors to the TFC included National Bank of Pakistan (NBP), Allied Bank Limited (ABL) and Bank of Khyber (Bok). Pak Oman Investment Company (POIC) was appointed as the investment agent while Mohsin Tayyab Ali & Co (MTC) acted as the transaction legal counsel.
A ceremony in this regard was held at PMRCL office in Karachi. The ceremony was attended by Arif Usmani, President & CEO (NBP), Mudassir H Khan, MD/CEO (PMRCL), Muhammad Ali Gulfaraz, MD/CEO (BoK) and Rehmat Ali Hasnie, Chairman (PMRCL) & SEVP & Group Chief, CIBG (NBP) and
Owais Shahid, Chief CIBG (ABL).
Other key executives who attended the meeting included Farrukh Zaheer, Head of Treasury & FI (PMRCL), Naved Nasim, GH Corporate Banking (ABL), Mohammad Faisal, EVP Treasury & Investment Banking Group (BoK) and Hasan Jamal, SVP & Advisor Investment Banking (NBP).
Pakistan which is home to over 200 million people, is estimated to have a shortage of 12 million residential units in the country; most of it in low- and middle-income group.
The Housing & Construction industry is strongly considered as one of the engines of long-term economic growth with the objective of promoting the mortgage financing industry, PMRCL provides long-term funding at attractive rates. Its thrust remains to increase availability of fixed rate mortgages thereby making housing finance more affordable for end consumer. Debt instruments issued by PMRCL therefore act as catalyst to drive the vision of making housing finance affordable and accessible.
Speaking on the occasion Mudassir H Khan said that PMRCL is breaking barriers in the capital market space by regularly issuing debt instruments.
“These instruments are pivotal to ensure PMRCL’s objective of promoting mortgage financing in the country. We look forward to introduce more innovative debt instruments in the near future,” he added.
Copyright Business Recorder, 2022