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HNB upsizes debenture issue by Rs.3bn to raise up to Rs.10 bn

25 January 2019 12:08 am - 0     - {{hitsCtrl.values.hits}}

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Sri Lanka’s second largest private bank by assets, Hatton National Bank PLC (HNB) has upsized its already announced Basel III debenture issue by Rs.3 billion. 
HNB in September last year, announced plans to issue 50 million BASEL III-compliant, Tier II debentures at Rs.100 a share, with an option to issue further 20 million debentures.


The bank yesterday said it would further issue 30 million of the same debentures, increasing the total amount to be raised up to Rs.10 billion. 

The rated, unsecured, subordinated, redeemable debentures will have five and seven-year tenures and would be subject to market conditions, regulatory and shareholder approvals, the bank said.


HNB had a Tier II capital ratio of 15.62 percent as at September 30, 2018, when the minimum requirement was 12.875 percent.


However, by January 1, 2019, under the Basel III accord, the minimum requirement went up to 14 percent.

 

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