Bank of Ceylon offers Rs 8 bln in debentures
View(s):Bank of Ceylon (BOC), the largest bank in Sri Lanka, announced the subscription list of its debenture issue – 2013 which will be opened tomorrow.
The unsecured, subordinated, redeemable debentures have maturity periods in the range of 5 to 10 years 60. “Debentures have been rated at AA (Lka) by Fitch Ratings (Lanka) Ltd., evidencing the BOC’s strong capacity to meet its commitments in time and the long term stability,” a media release said.
The Rs. 4 billion issue with an option to increase the size up to Rs. 8 billion in the event of over subscription, consists of nine debenture types of different fixed and floating coupon rates with tenors between 5 to 10 years.
“BOC stresses the need of an active debt market for sustainable growth of the Sri Lankan economy,” the release said. Listings of debentures on the main board of the Colombo Stock Exchange will provide an exit and entry route for the investors while increasing the liquidity of the issue.
The release said that money was for the long term financial needs of the priority sector of the economy including infrastructure development projects.
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