Bank of Ceylon raises massive $1 bln in past 12 mths
View(s):State-owned banking giant, Bank of Ceylon (BOC) says it has raised US$1 billion in the past 12 months, after completing recently another successful bond that raises $500 million.
The BOC had originally planned on a $300 million size issue but after receiving offers for over $2 billion (effectively oversubscribing by 6.8 times), the bank decided to increase the issue to $500 million.
Last year, the bank raised $500 million, according to a BOC statement issued to the media this week.The latest offering was highly successful following an intra-day book building exercise, and attracted diverse participation with over 140 investors placing orders. The offering saw strong participation from a range of high quality institutional and private banking investors. Asian investors took 74 per cent of allocations, with European investors accounting for the remainder.
The offering priced at a final coupon of 5.325 per cent reflected the quality and strength of the order book.
“The sole book-runner and sole lead-manager for the offering was UBS AG, Singapore Branch. BOC and UBS were very confident of the success of this issue. This transaction was concluded with only one security rating, one international transaction counsel and without any road show,” the bank said.
P.A. Lionel, BOC’s Head of International, Treasury and Investment Banking, said: “This transaction marks our second issuance in the $US bond market, and we are pleased to have captured a strong market window with this benchmark offering.”
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