AstroBank launches fixed maturity mutual fund

Cypriot lender AstroBank has announced the launch of the three-year AstroBank Target Maturity Fund 2027, which aims to capitalise on the current bond yield environment.

In its announcement, the company explained that this move aims to expand “its range of innovative products”.

The new fixed maturity mutual fund is aimed at investors with a medium-term horizon, who intend to hold on to their investment for the duration of the AstroBank Target Maturity Fund 2027, and who seek access to a diversified portfolio of European sovereign and corporate bonds with a minimum capital of €20,000.

The dividend is estimated at 3.5 per cent on an annualised basis.

Moreover, the announcement noted that the AstroBank Target Maturity Fund 2027 “aims to preserve the original capital, provided no negative credit event occurs”.

Upon maturity, which is set for June 2027, the fund will be liquidated, and the proceeds will be distributed to the investors. The subscription deadline is May 31, 2024.

“Heeding the rising investor interest for simple and reliable products, today we are launching a highly competitive solution, addressed to people seeking a regular income,” AstroBank CEO Aristidis Vourakis said.

“Through AstroBank Target Maturity Fund 2027, we are giving our customers the opportunity to shape their financial future with confidence,” he added.