Seylan Bank debenture issue oversubscribed within hours of opening

Seylan Bank’s Basel III-compliant debenture issue was oversubscribed within hours of opening yesterday, having received applications for over 150 million debentures, amounting to Rs.15 billion.
The issue comprised up to 50 million listed, rated, unsecured, subordinated, redeemable five-year and 10-year debentures (2025/30 and 2025/35, respectively), with a non-viability conversion feature, priced at a par value of Rs.100 each.
The bank had the option to issue up to a further 75 million debentures, in the event of an oversubscription of the initial tranche and an additional 25 million debentures, if the initial and second tranches were oversubscribed.
The basis of allotment will be announced to the Colombo Stock Exchange in due course.