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The Country’s No.1 Bank, the Bank of Ceylon, becomes the first state sector bank to issue a Basel III Compliant, Tier 2 Listed, Rated, Unsecured, Subordinated Redeemable Debenture with a Non-viability write down feature. The Debentures are rated BBB+ (lka) by Fitch Ratings Lanka limited.
The Colombo Stock Exchange (CSE) has approved in principle the listing of the said debenture, which opens on the 21st of December 2023. The issue price per debenture is Rs. 100/-. The initial issue is for fifty million debentures with an option to issue a further fifty million in the case of over subscription.
The debenture issue is for a period of 5 years and comes in two types. Type A carries a fixed interest rate of 15.00% payable annually and Type B carries a floating interest rate of 12 months T-Bill Rate + 1.00%.
The minimum subscription per application for an individual Qualified Investor is set at Rs. 5 million, and the minimum subscription per application for other Qualified Investor is Rs. 10,000/-. (CSE listing rules are applicable to qualified investors only). More details of the Debenture Issue are available on the Banks website - www.boc.lk and on www.cse.lk and with trading members of CSE.
Bank of Ceylon (BOC) concluded the 3rd Quarter of 2023 on a positive note, demonstrating resilience in a challenging economic environment. The Bank’s PBT stood at Rs. 22.6 billion at the end of the 3rd Quarter of 2023.
BOC stands tall in the Banking industry and is the only Sri Lankan Bank to be among the top 1000 banks in the world raked by the renowned International business intelligence magazine “The Banker – UK”.