Dhaka, Bangladesh (BBN)- The securities regulator has approved the Southeast Bank’s Subordinate Floating Rate Bond worth BDT 3.0 billion.
The decisions were taken on Tuesday at a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
As per the BSEC approval, Southeast Bank will issue Tk 3.0 billion bond to boost the capital base along with fulfilling the requirement of Basel-II and Tier-2. The tenure of the bond is seven years.
According to BSEC officials, the characteristics of the bond are: non-convertible, unsecured and floating rate subordinate. And the yield to maturity/coupon rate will vary from 11.50 percent to 14.0 percent.
The offer price of each unit of the bond is BDT 1.0 million. Standard Chartered Bank and Green Delta Insurance will work as Mandated Lead Arranger and Trustee respectively for the bond that will be issued by Southeast Bank.
BBN/SSR/AD-12Nov14-9:00 am (BST)