Home ›› 18 Nov 2022 ›› Stock
The securities regulator Bangladesh Securities and Exchange Commission (BSEC) has given the green signal to Premier Bank Limited, and IPDC Finance Limited to issue non-convertible bonds.
The stock market regulator gave the approvals during a commission meeting held at its headquarters in the capital on Thursday with its Chairman Prof Shibli Rubayat Ul Islam in the chair.
The premier Bank limited, according to the regulatory approval, would issue a non-convertible, unsecured, fully redeemable, floating rate subordinated bond worth Tk 600 crore.
The bond’s coupon rate would be from 7 to 9 per cent, while per unit price would be Tk 60 lakh of the bond.
Eligible investors would have to buy the bond units through private placements.
The bank would issue the bond aiming to strengthen its capital base and meet the capital requirements under Tier-II.
The bond would be traded on an alternative trading board (ATB), as per regulatory approval.
Delta Brac Housing Finance Corporation acts as the trustee for the bond, while UCB Investment Limited is the lead arranger for it.
On the other hand, IPDC Finance Limited would issue a non-convertible fully-redeemable unsecured floating rate subordinated bond worth Tk 150 crore, according to BSEC documents.
The bond’s coupon rate would be from 7.5 to 10 per cent, while per unit price of the bond would be Tk 1 crore.
Eligible investors would have to buy the bond units through private placements. The non-bank financial institution is going to issue the bond to strengthen its capital base and meet its capital requirements under Tier-II.
The bond would be traded on an alternative trading board (ATB), as per regulatory approval.
CMPM advisory Limited acts as the trustee for the bond, while Eastern Bank Limited is the mandated issue manager and arranger for it.
