REPUBLIC OF MOLDOVA

NATIONAL FINANCIAL COMMISSION

DECISION

13 August 2024 No. 38/2

On the rectification of point 1 of Decision
No. 37/5 of 06.08.2024 by the National Financial Commission
regarding registration in the Securities Issuers Register according to the report on the results of the sixth-class bond issuance by Commercial Bank “MOLDOVA-AGROINDBANK” SA

On 31 July 2024, within the National Financial Commission (NFC),
application No. 5907 was registered regarding the registration in the Securities Issuers Register (SIR) of securities according to the report on the results of the bond issuance by Commercial Bank “MOLDOVA-AGROINDBANK” SA (CB “MAIB” SA/bank).
According to point 1(c) of the aforementioned application, as well as the report on the results of the bond issuance, the corporate bonds were issued with a floating rate corresponding to “the weighted average interest rate on new deposits attracted in national currency across the entire banking sector, with a maturity of 6 to 12 months, published on the NFC website www.bnm.md as of the date corresponding to the first day of the offer implementation period (4.46% - for the first 12 coupons) + fixed margin established for class VI (1.0%) [...]”.
In this regard, by NFC Decision No. 37/5 of 06 August 2024 on registration in the Securities Issuers Register according to the report on the results of the sixth-class bond issuance by Commercial Bank “MOLDOVA-AGROINDBANK” SA, the following were registered: “in the Securities Issuers Register, securities according to the report on the results of the sixth bond issuance under the Offer Program of Commercial Bank “MOLDOVA-AGROINDBANK” SA (IDNO 1002600003778, MD-2012, Chișinău city, 31 August 1989 St., No. 127) in the amount of 71,180,000 lei, consisting of 3,559 sixth-class nominal bonds with a face value of 20,000 lei per bond, with a circulation term of 3 years, with a floating interest rate linked to the weighted average interest rate on new deposits attracted across the banking sector (in national currency), with a maturity of 6 to 12 months, published on the official website of the National Bank of Moldova (www.bnm.md) as of the first day of the public offer implementation period, amounting to 4.46% and adjusted annually on the same date (month and day) when the offer implementation period began + fixed margin of 1%, payable monthly, with ISIN code MD1004000102.”.

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Additionally, on 8 August 2024 and 12 August 2024, within the NFC,
letters from CB “MAIB” SA were registered (Nos. 6070 and 6109, respectively),
notifying that “[...] a mechanical discrepancy was identified exclusively in the application and report on the results of the bond issuance by CB “MAIB” SA [...]”.
In this case, the mechanical discrepancy concerns the rate approved by the Management Committee of CB “MAIB” SA, which amounts to “3.46% + fixed margin established for class VI (1.0%)”.
In this regard, the documents submitted in support of the application regarding registration in the SIR of securities according to the report on the results of the bond issuance by CB “MAIB” SA did not correspond with the intention established by the bank’s Management Committee (Minutes No. 79.4 of 04 July 2024).
Furthermore, it should be noted that the floating rate established in the application dated 31 July 2024, as well as in the corresponding report, is based on “the weighted average interest rate on new deposits attracted in national currency across the banking sector, with a maturity of 6 to 12 months, published on the NFC website www.bnm.md as of the date corresponding to the first day of the offer implementation period”.
Subsequently, according to statistical data published on the official website of the National Bank of Moldova (NBM, https://www.bnm.md/bdi/pages/reports/dpmc/DPMC9.xhtml), the weighted average interest rate on new deposits attracted in national currency across the banking sector, with a maturity of 6 to 12 months, for May 2024 amounts to 3.46%.
Thus, it is concluded that the weighted average interest rate on new deposits attracted in national currency across the banking sector, with a maturity of 6 to 12 months is a clear indicator explicitly established by the NBM.
Therefore, setting a different value for this indicator than that published by the NBM constitutes an obvious error in relation to the Decision of the bank’s Management Committee (Minutes No. 79.4 of 04 July 2024).
In law, according to Article 131(1) of the Administrative Code, “(1) Rectification is the operation of correcting obvious errors (drafting, calculation or similar mistakes) in an individual administrative act.”.
Additionally, through the letters dated 8 August 2024 and 12 August 2024,
(registered at the NFC with Nos. 6070 and 6109, respectively), CB “MAIB” SA “provides the necessary assurances that the coupon rate applied to the bonds is correctly reflected in the maib information system and in all legal documents signed with subscribers to the issued bonds.”.
In light of the above, on the basis of Article 8(m) and (o), Article 20(1) and Article 22(3) of Law No. 192/1998 on the National Financial Commission, Article 131 of the Administrative Code and points 16, 19 and 21 of the Regulation on the organization and functioning of the National Financial Commission (NFC Decision No. 57/11/2022),

National Financial Commission DECIDES:

1. Point 1 of NFC Decision No. 37/5 of 06 August 2024 on registration in the Securities Issuers Register according to the report on the results of the sixth-class bond issuance by Commercial Bank “MOLDOVA-AGROINDBANK” SA is rectified by substituting the text “4.46%” with “3.46%”, introducing corresponding modifications in the Securities Issuers Register, and issuing a new Certificate of Registration of Securities.
2. This Decision may be appealed by submitting a preliminary application to the NFC (MD-2012, Chișinău city, Ștefan cel Mare și Sfânt Blvd., No. 77) within 30 days from the date of notification.
3. This Decision enters into force on the adoption date, is notified to the addressee in accordance with legislation, and is published in the Official Monitor of the Republic of Moldova and on the official website of the NFC (www.cnpp.md).

Dumitru BUDIANSCHI,
PRESIDENT

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Ștefan cel Mare și Sfânt Blvd., No. 77, Chișinău city, MD 2012, tel: (373 22) 859 401, www.cnpp.md, e-mail: office@cnpp.md