SMB debenture issue fully subscribed

Strong investor interest in Sri Lanka's maiden long-term debenture issue by Seylan Merchant Bank (SMB) has seen the Rs 95 million issue being fully subscribed, the company said.

This is the first 10-year listed debenture issue in the local market and was floated with the intention of raising long-term funds to match SMB's long-term lending portfolio.

"Despite the current period of economic uncertainty in the country, investors have chosen to invest in this long-term debt instrument as against choosing a short-term investment which would earn a higher yield," a spokesman for the Bank said in a media statement.