Everest Bank is issuing bonds worth 3 billion, with an interest rate of 7.50%.

Everest Bank Limited (EBL) is set to open the issuance and sale of bonds starting February 18. The bank will issue the “Everest Bank Limited Bond 2091” with a 10-year tenure and an annual interest rate of 7.50 percent. A total of 3 million bond units, equivalent to NPR 3 billion, will be issued at a face value of NPR 1,000 each. Of this, 60 percent (1.8 million units worth NPR 1.8 billion) will be allocated privately, while the remaining 40 percent (1.2 million units worth NPR 1.2 billion) will be offered to the general public. Out of the public allocation, 60,000 units are reserved for mutual funds. Investors can apply for a minimum of 25 units and a maximum of 1.2 million units.

The issuance will close as early as February 21 or as late as March 17. Laxmi Sunrise Capital Limited is the issue and sales manager. Investors can apply through ASBA services or the “Mero Share” platform. ICRA Nepal has assigned the bank an “ICRA NP Issuer Rating Double A Minus,” indicating high financial security. Interest earned will be paid semi-annually after tax deductions each fiscal year.