BSEC allows IBBL, NBL, LankaBangla to float bonds

Staff Correspondent | Published: 23:43, Aug 10,2017

 
 

The Bangladesh Securities and Exchange Commission on Thursday allowed two banks and a non-bank financial institution to float bonds worth Tk 1,400 crore in total.
The capital market regulator gave the approval in a commission meeting presided over by its chairman M Khairul Hossain.
As per the BSEC’s approval, Islami Bank Bangladesh Limited will float non-convertible mudaraba subordinated bonds worth Tk 500 crore, National Bank will issue non-convertible second subordinated bonds worth Tk 400 crore and LankaBangla Finance will float non-convertible unsecured subordinated bonds worth Tk 500 crore.
The face value of each unit of banks’ bonds will be Tk 1 crore, while the face value of LankaBangla
Finance’s bonds will be Tk 1,000 each.
The bonds to be issued by Islami Bank and National Bank will be fully redeemable in seven years, while LankaBangla’s bonds will be redeemable in 3 years.
Only corporate bodies, financial institutions and funds will be allowed to subscribe the bonds through the private placement.
Green Delta Insurance will work as the trustee for all the three bonds. 

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