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Ocean Credit lists its first bonds on BVB

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The Bucharest Stock Exchange (BVB) announced that Ocean Credit which offers non-banking financial products in Romania listed bonds worth €1.86mln on BVB’s Multilateral Trading System under the symbol OCIFN26E, according to a press release.

Ocean Credit stated on Wednesday that the funds will finance the development strategy by increasing the lending capacity and investments in fintech.

The company explained that for the next year, a new financing round will be in place through the capital market mechanisms by issuing bonds worth EUR 400,000.

“The total value of financing through corporate bonds listed on the local stock exchange, only this year, exceeds RON 3.5bln,” said Radu Hanga, Bucharest Stock Exchange President.

Ocean Credit sold in a private placement held in July 2021, 18,668 corporate bonds, unsecured and non-convertible, with a total value of EUR 1.86mln. The bonds have a nominal value of EUR 100, a 5-yrs maturity and a coupon of 8.75% p.a., payable on a quarterly basis.

In the first six months of 2021, the total revenues of Ocean Credit were RON 4.68mn, 85% higher than the same period last year. The net profit in H1 2021 was over RON 225,000, 27% lower compared to H1 2020 (RON 310,000).

Ocean Credit estimates a turnover of RON 9.3mn and a net profit of RON 1.9mn at the end of 2021.