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Seylan Bank’s recent Rs. 10 bn debenture issue was oversubscribed on its opening day, with applications for over 100 million debentures.
The Bank issued an initial Rs. 5 billion in Basel III-compliant, Tier 2, listed, rated, unsecured, subordinated, redeemable debentures. These debentures, priced at Rs. 100 each, have maturity periods of five and seven years and include a non-viability conversion feature. In case of oversubscription, the Bank retained the option to issue an additional RS. 3 billion in debentures, with a further option to issue another RS. 2 billion under the same terms.
