On 1st July 2019, the Tanzania Mortgage Refinance Company (TMRC) has listed Tranche 2 of the five years Medium Term Note (MTN) Programme amounting to TZS 8 billion at the Dar es Salaam Stock Exchange (DSE).
Issuance of the mortgage bonds follows the approval by the Capital Markets and Securities Authority (CMSA) on 11th May 2018.
On 5th July 2018 TMRC successfully listed Tranche 1 of the same Programme, amounting to TZS 12 billion in May 2018, which was oversubscribed by 4.3%.
TMRC is a private sector financial institution established in 2011 to support banks in mortgage lending by refinancing their mortgage portfolios.
The Company has recorded impressive growth in interest income, net interest income and refinance and pre-finance mortgages over the last five financial years, with each financial indicator growing at compounded annual growth rate of 47%, 19% and 40% respectively during the period 2012 to December 2017.
TMRC‘s contribution to the growth of the housing market is expected to significantly increase over the coming years as the new financing will build on the achievements of the ongoing Housing Finance Project (HFP) which is playing a key role in developing the mortgage market.