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TMRC launches its 5 years

Corporate Bonds issuance

 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
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. 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). 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 bond which 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 is neither
taking deposits nor lending 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.

TMRC Shareholders: