N. Macedonia's Centralna Kooperativna Banka plans 7 mln euro bond

Some 5 million euro of the proceeds will be used to repay previous bonds, while the remaining 2 million euro will be used to increase the bank's capital, Centralna Kooperativna Banka said in a statement.

The issue will consist of 7,000 bonds with a nominal value of 1,000 euro each.

The convertible bonds will have a fixed interest rate for the first year, equal to the 12-month EURIBOR, and a variable rate in the subsequent years, equal to the 12-month EURIBOR plus 0.50 percentage points.

Centralna Kooperativna Banka's shareholders will vote on the plan at a meeting scheduled for July 24.

The lender's shares have not traded on the Macedonian Stock Exchange (MSE) in the past year.

($ = 0.933 euro)