Bank of Ceylon raises Rs. 5 b via Bonds | Sunday Observer

Bank of Ceylon raises Rs. 5 b via Bonds

The Bank of Ceylon (BOC) launched a private placement of Basel III Compliant, Unlisted, Unsecured, Subordinated, Perpetual, Additional Tier I Capital Bond issue with Non-Viability Write Down features.

The amount to be raised was Rs. 3 billion with an option to issue up to a further Rs. 2 billion in the event of over subscription of the initial issue.

This bond issue has been approved by the Securities and Exchange Commission and the Central Bank.This is a novel debt instrument to the Sri Lankan debt capital market. The Bonds are not listed on the Colombo Stock Exchange and confined to qualified investors. The Bonds are irredeemable and may be callable by the Bank at its discretion at any time after expiry of five years from the date of issue subject to approval of the Central Bank of Sri Lanka.