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Last Updated : 2024-04-26 02:12:00
The proposed issue of Basel III-compliant subordinate unsecured debentures totaling up to Rs.15 billion by Commercial Bank of Ceylon PLC has been rated ‘AA-(lka) (EXP)’ by Fitch Ratings.
The rating is one notch below the bank’s ‘AA(lka)’/Stable)’ rating.
The debentures with maturities of 5 and 10 years will carry fixed coupons.
The debentures will qualify as Basel III-compliant regulatory Tier 2 capital for the bank and include a non-viability clause, under which they would convert to ordinary shares if determined by the Monetary Board of Sri Lanka.
The debentures will be listed on the Colombo Stock Exchange.
The bank plans to use the proceeds to support its loan book expansion, strengthen its Tier 2 capital base and reduce maturity gaps.
The bank raised Rs.10 billion July last year through another Basel III-compliant debenture issue.
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