Sampath Bank to raise up to Rs.6bn via listed debt

The country’s third largest private bank, Sampath Bank PLC is to raise up to Rs.6 billion through a listed debt issue to support its Tier 2 capital base, a rating statement said. To this end the bank will be issuing subordinated debentures to mature in five years and carry fixed and floating coupon. Fitch Ratings has assigned A+(lka/Stable) to the proposed issue. “The proposed subordinated debentures are rated one notch below Sampath Bank’s National Long-Term Rating to reflect the subordination to senior unsecured creditors,” Fitch Ratings said.