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HNB in Rs.10bn debenture issue

7 September 2015 03:00 am - 0     - {{hitsCtrl.values.hits}}

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Hatton National bank PLC (HNB), Sri Lanka’s second largest private bank in terms of assets has opted to go for a Rs.10 billion debenture issue.

The proposed senior unsecured and subordinated debentures have been assigned national long-term rating of ‘AA-(lka) (EXP) by Fitch Ratings Lanka.

The proposed subordinated debentures are rated one notch below its national long-term rating to reflect the subordination to its senior unsecured obligations.

The debentures, which will be listed on the Colombo Stock Exchange, are set to mature in five years and carry fixed coupons.  HNB expects to use the proceeds to reduce asset and liability maturity mismatches while improving its Tier II capital base.

December, last year, HNB raised Rs.3 billion via a debenture issue.
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