Bayport Financial Services Moçambique (Mcb), S.A. (“Bayport”) concluded, on March 28th, another private bond issue in the amount of 575 million meticals, with a maturity of five years and a fixed rate of 23,25% in the first year.
In what was the first issue of secured bonds issued by Bayport, having as collateral the credits resulting from its loan portfolio, up to an amount corresponding to 120% of the subscription value, the issue was jointly organised by Banco BiG Moçambique, S.A. and Standard Bank, S.A., and attracted a higher demand than the initial offer.
According to information provided by the company itself, this issue was subscribed by several national investors, namely Banks, Insurance Companies, Pension Funds, Private Companies and Private Investors.
For Bayport, financing through the capital markets “represents an integral pillar of its growth strategy and diversification of funding sources, which in addition to bond loans, relies on shareholder capital, customer deposits and financing with investment funds and local counterparties.”
Since 2016, Bayport has completed 15 bond issues, raising a total of 4.9 billion meticais, and thus establishing itself as the leading corporate bond issuer in Mozambique.
Additionally, Bayport has successfully repaid all its matured corporate bonds, five of them to date, totalling MZN 1.3 billion.
In 2022, BVM distinguished two of Bayport’s bond issues as “Largest Listed Securities Issue” and “Most Liquid Securities Issue”.
Founded in 2012, Bayport’s main activity is the provision of withholding tax financing, primarily targeting public employees, a segment where it holds a leading position with a market share of 47.7% in 2022.
Bayport currently has a customer base of about 130,000 and a loan portfolio of over MZN 17 billion, serving its customers through a network of 11 branches, 140 employees and about 1,000 agents, present in all the country’s provinces.
On 31 December 2022, its Equity amounted to MZN 4,266.3 million. In 2022, Bayport increased its loan portfolio by 15% in comparison with the previous year, with Net Income and Net Profit reaching MZN 2,727.9 million and MZN 656.2 million, respectively.
