National Savings Bank’s US$1 bln bond on hold
View(s):The National Savings Bank (NSB) has put its controversial US $ 1 billion bond on hold, sources close to the NSB said.
“The lead managers (HSBC) to this bond issue has advised them not to proceed with the roadshow abroad ahead of raising this bond as the current interest rates aren’t favourable,” a source said, noting that the roadshow was planned for mid this year. He said that NSB was the first state bank to plan to raise a dollar bond of this magnitude. He added that for the past one and a half years NSB was planning on raising international funding.
Of the total savings of Rs. 422 billion of the bank, 72 per cent is invested in government bonds.
“The Good Market” consumers check out fruits at the location near Water’s Edge. Pic by Indika Handuwala (See Page 5 for story).
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