Bangladeshi telecom operator Banglalink, which is controlled by Egypt’s Orascom Telecom, has raised $102 million through the country’s largest corporate bond issuance.

Bangladeshi telecom operator Banglalink, which is controlled by Egypt’s Orascom Telecom, has raised $102 million through the country’s largest corporate bond issuance. The amount is higher than the target of $60.5 million announced in December 2009, when Banglalink’s private placement received the go-ahead from financial regulators. The raised funds have broken the previous national record of $70 million recently set by mobile operator GrameenPhone. Banglalink plans to use the proceeds of its bond sale for network rollout, mainly in rural Bangladesh.