Investors demonstrated overwhelming support for the green lending aspirations of the Commercial Bank of Ceylon, leading to the oversubscription of the Bank’s Rs. 15 billion Green Bond on its opening day on Monday August 4, the bank said in a media release on Tuesday.
The Green Bond Issue comprised of an initial issue of 100 million Basel III Compliant - Tier 2 Listed Rated Unsecured Subordinated Redeemable Green Bonds with a Non-Viability Conversion feature, at the par value of Rs. 100 each, to raise a sum of Rs. 10 billion; and an option to issue up to a further 50 million Green Bonds at the discretion of the bank, in the event of an oversubscription of the initial issue.
Commenting on the oversubscription of the Green Bond, Commercial Bank Managing Director/CEO Sanath Manatunge said: “Green lending is a key element of our sustainability journey. The appetite of institutional and individual investors to support this aspect of our business is a resounding expression of confidence in the bank’s efforts to integrate a nationally-significant commitment to sustainability into its core operations.”
These Green Bonds are rated A (lka) by Fitch Ratings Lanka Limited. The Investment Banking Division of Commercial Bank of Ceylon PLC was the Manager to the Issue.
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