Media contacts
For questions about financing or funding possibilities, business offerings and acquisition, please use the contact form.
The number below is for media inquiries only.
Monica Beek
Media Spokesperson
T: +31 70 314 9130
M.Beek@fmo.nl
In the last two weeks, FMO, the Dutch development bank, successfully issued currency linked notes in Pakistan Rupi (PKR) and Myanmar Kyatt (MMK). FMO issued for the first time in PKR, while the MMK follows an initial MMK transaction last year.
By issuing these notes, FMO acts as a catalyser for increased lending in PKR and MMK, which fits FMO’s strategy to promote local currency business. The proceeds of the notes were swapped to USD with The Currency Exchange Fund (TCX).
TCX usually provides currency solutions to its clients (like FMO) to protect their investments in frontier currencies, i.e. currencies with very thin or inexistent markets. However, TCX may also need to lower its exposures. By hedging FMO’s recently issued notes TCX brings down its risks in PKR and MMK and thus creates additional capacity for currency solutions for the lending business of its clients.
Both transactions were structured, arranged and distributed by ING and will be listed in Luxembourg.