The bonds issued by the Latvian financial technology group Sun Finance have been listed on the "First North" alternative market of Nasdaq Riga.
The size of the Sun Finance bond issue is 50 million euros. The bonds have a nominal value of 1,000 euros and a floating annual coupon rate of 11% + 3M EURIBOR, with interest paid monthly. The maturity of the bonds is September 30, 2025. The bonds have been admitted to trading on the Nasdaq First North market starting from April 6, 2023.
"Globally, this has been a challenging year for everyone, therefore we are pleased that we have managed to maintain rapid growth and continue to show strong financial results. This has been largely possible due to the broadening of our product range and expansion in new markets, which we were able to achieve by issuing bonds worth 50 million euros, which is a significant amount for our region. We appreciate that investors continue to show trust in our chosen business strategy, and we are pleased that listing our bonds on the First North alternative market allows more and more investors the opportunity to become part of our success story," says Toms Jurjevs, the founder and CEO of Sun Finance.
Sun Finance has completed five bond issues in total, three of which have already been fully redeemed, and this is the third time that the company's bonds have been listed on the First North alternative market of Nasdaq Riga.
“We are pleased that Sun Finance has repeatedly - for the third time - chosen to list bonds on the First North market to continue to implement growth goals", says Daiga Auziņa-Melalksne, CEO of Nasdaq Riga. "We welcome and are happy for a company that knows how to take advantage of the stock exchange and continues to gain the trust and interest from the investor community".
The issuance of Sun Finance bonds and their listing on the exchange were carried out in collaboration with the capital market team of Signet Bank, which advises Baltic companies on debt and equity structuring and capital raising.
"We are delighted that the bond financing has provided Sun Finance with the opportunity to implement its growth plans and successfully develop its business on an international scale. Local investors were mainly involved in this bond issuance. This demonstrates the growing activity of Baltic investors and can serve as an encouragement to other Baltic companies that the local market can be a good source of financing," says Kristiāna Janvare, Head of "Signet Bank" Investment Division.
First North is a multilateral trading facility (MTF) tailored to support growing ambitious companies that want to raise capital and get the visibility and credibility of being a public company.
About Sun Finance
Since its inception in 2017, Sun Finance’s services have been used by 11 million people worldwide, and the company has issued close to 2 billion euros in loans. Sun Finance was founded in 2017 by Toms Jurjevs and Emīls Latkovskis, and it operates in eight countries across three continents. The company employs more than 1400 people, 180 of whom work at its headquarters in Riga. Sun Finance is led by a team of seasoned professionals with more than 15 years of experience in managing fintech, financial and IT companies.
About Signet Bank
Signet Bank, founded in 1991, is one of the first independent banks in Latvia. The bank's strategy is focused on financing local entrepreneurs and their companies and managing capital. Since the beginning of 2021, Signet Bank has provided financing in the form of loans and bonds worth more than €400 million. Signet Bank's shareholders include nine Latvian and international private investors, the largest being Signet Acquisition III (25%), whose sole shareholder is US investor Alexander Solovejs; AS RIT Group (19.50%), a Latvian company owned by the Rapoport family; and SIA Reglink (15.93%), founded by a professional in the banking industry, Irina Pigozne.
About Nasdaq Riga
Nasdaq Baltic operates three stock exchanges – in Estonia, Latvia and Lithuania – and the Nasdaq CSD under one Baltic roof, providing the capital market infrastructure across the whole value chain – from listing, trading, and market data to clearing and settlement and safe-keeping of securities. Read more: nasdaqbaltic.com.