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DFCC to raise Rs.5bn through debentures

24 April 2015 05:17 am - 0     - {{hitsCtrl.values.hits}}

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DFCC Vardhana Bank PLC plans to raise Rs.5 billion issuing Basel II-compliant senior debentures of up to Rs.3 billion and Basel II-compliant subordinated debentures up to Rs.2 billion.
The debentures, which will have a tenor of five years and carry fixed coupons, will be listed on the Colombo Stock Exchange.
The bank expects to use the proceeds to reduce asset and liability maturity mismatches.
Fitch rated the proposed senior debentures at AA-(lka) on par with the bank’s long-term ratings.The proposed subordinated debentures are rated A+(lka), one notch below the bank’s national long-term rating.
Last year, August DFCC Bank raised Rs.5 billion issuing senior, unsecured, redeemable rated debentures priced at Rs.100 each. 

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