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DSE AND BRAC EPL INVESTMENTS SIGN AGREEMENT TO OFFER BANGLADESH'S FIRST ORANGE BOND ON DSE ELECTRONIC SUBSCRIPTION SYSTEM (ESS)
May 16, 2026
DSE AND BRAC EPL INVESTMENTS SIGN AGREEMENT TO OFFER BANGLADESH'S FIRST ORANGE BOND ON DSE ELECTRONIC SUBSCRIPTION SYSTEM (ESS)
A landmark step for Bangladesh's bond market bringing a gender-lens thematic bond to qualified investors through the DSE ESS platform for the first time
Dhaka Stock Exchange PLC. (DSE) and BRAC EPL Investments Limited (BEIL) today signed a formal agreement to offer the SAJIDA Orange Zero-Coupon Bond through the Electronic Subscription System (ESS) of the DSE. This is the first private bond to be made available to qualified investors through the ESS platform, marking a significant milestone in the development of Bangladesh's bond market.
About the SAJIDA Foundation Orange Zero-Coupon Bond
Issued by SAJIDA Foundation, one of Bangladesh's leading development-focused microfinance institutions, the Orange Zero-Coupon Bond has a total face value of BDT 158.50 Crore. The bond carries an AA+ issuer credit rating and has received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) and the Microcredit Regulatory Authority (MRA).
Of the total issuance, BDT 76.63 Crore (Face Value) will be offered exclusively to qualified investors through the DSE ESS platform. The bond is structured as a zero-coupon instrument across three tenors — 1 year, 2 years, and 3 years — offering investors the flexibility to select their preferred investment horizon.
Subscription Details
Subscription on the DSE ESS platform will open on 18 May 2026 and close on 23 May 2026 . The issue date of the bond will be 22 May 2026, from which date interest will begin to accrue. Investors may subscribe to any of the three tenors at the following purchase prices per bond:
|
Ticker |
Tenor |
Purchase Price (in BDT) |
Redemption/Face Value (in BDT |
Purchase Price Limit |
Yield |
Holding Period Return |
|
SOZCB01Y |
1-year |
303,030 |
333,333 |
300,908,790 |
10.00% |
10.00% |
|
SOZCB02Y |
2-year |
275,482 |
333,333 |
276,308,446 |
10.00% |
21.00% |
|
SOZCB03Y |
3-year |
250,438 |
333,333 |
75,882,714 |
10.00% |
33.10% |
Investors may subscribe to one bond or any multiple thereof at the applicable purchase price, subject to the maximum subscription limit specified for each tenor in the table above.
Financial Return and Social Impact — Together
The SAJIDA Orange Bond is a gender-lens thematic bond aligned with the UN Sustainable Development Goal 5 (SDG 5 — Gender Equality). Proceeds will be deployed by SAJIDA Foundation entirely towards women-focused microfinance activities across three eligible categories: food security and agriculture; SME and employment generation for women-owned enterprises; and women's housing.
Beyond the financial return, investors will receive a quantified social impact report annually, prepared by an independent third party, documenting the gender-positive outcomes generated by their investment. The bond's impact framework has been validated by a Second Party Opinion (SPO) from Impact Investment Exchange (IIX) — the originator and global steward of the Orange Bond Principles — confirming full alignment with both the Orange Bond Principles (2022) and the ICMA Social Bond Principles.
A Landmark for Bangladesh's Capital Market
This is a first of its kind issuance for Bangladesh across multiple parameters. It is the first instance of a microfinance institution issuing a thematic bond complying with international standards. It is the first bond accessible for subscription through the DSE ESS platform, and it is the first Orange bond of Bangladesh.
The use of the ESS platform for subscription opens up a new distribution channel for bond market participation to a wider pool of qualified investors, bringing greater depth and diversification to Bangladesh's capital market. The use of a digital platform like the ESS for subscription, opens up a technological advancement in the bond distribution process; paving the path for further digitalization and creating access to bonds for retail and non-traditional investors.
Additionally, this offering is a deliberate step toward building a bond market where strong governance, transparent reporting, and measurable social impact go hand in hand with financial returns.
BRAC EPL Investments Limited serves as the Mandated Lead Arranger, with DBH Finance PLC acting as Trustee. The bond will be listed on the Alternative Trading Board (ATB) of the DSE.
Quotes
“Today is a proud day for the Dhaka Stock Exchange and for Bangladesh. For the first time, we are making a bond available through our Electronic Subscription System that not only offers a solid financial return, but also creates real, measurable change in the lives of women across the country. At DSE, we believe that a strong capital market should work for everyone — and that means building the platforms and products that give investors more meaningful choices. We hope this is just the beginning, and that many more such bonds will follow.”
— Nuzhat Anwar, Managing Director, Dhaka Stock Exchange PLC (DSE)
“With the SAJIDA Orange Bond, we are doing something much bigger than closing a deal — we are laying the foundation for a thematic bond market in Bangladesh that meets the highest international standards. Our goal is simple: to create an impact investment ecosystem where investors from home and abroad can confidently put their money into bonds that do good while delivering strong financial returns. This bond follows globally recognized frameworks, has been independently verified, and is now accessible through the DSE platform. We hope this opens the door for many more such issuances in the future. We are deeply grateful to SAJIDA Foundation, DSE, BSEC, MRA, IIX, and all our partners who helped turn this vision into reality.”
— Syed Rashed Hussain, Chief Executive Officer, BRAC EPL Investments Limited
About Dhaka Stock Exchange PLC (DSE)
Dhaka Stock Exchange PLC (DSE) is the principal stock exchange of Bangladesh, providing a transparent and regulated marketplace for the trading of equities, bonds, mutual funds, and other securities. DSE plays a central role in the mobilization of capital for economic development, investor protection, and the advancement of Bangladesh's financial markets.
About BRAC EPL Investments Limited (BEIL)
BRAC EPL Investments Limited (BEIL) is a leading full-service merchant bank and a subsidiary of BRAC Bank PLC. BEIL offers a comprehensive suite of capital market services including debt and equity capital market transactions, merger and acquisition advisory, and wealth management. BEIL has a track record of originating landmark transactions in Bangladesh's capital markets, including the country's first social bond and now the country's first Orange Bond.
About SAJIDA Foundation
SAJIDA Foundation is a mission-driven non-governmental national development organization established in 1993. It delivers microfinance, healthcare, enterprise development, and community empowerment programs targeting low-income and marginalized populations across Bangladesh, with a specific focus on women's economic inclusion and resilience.
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