Shareholders nod Sri Lanka’s NDB to sell Rs6.5bn bail-in bonds

ECONONOMYNEXT – Shareholders of Sri Lanka’s National Development Bank has give the go-ahead of the lender to raise up to 6.5 billion rupees of bail-in bonds.

The firm will sell 5-year listed, rated, unsecured, subordinated redeemable debentures, which may be converted to equity if needed (Basel III-compliant).

The lender will sell 5 billion rupees of bonds with an option to increase by another 1.5 billion rupees. (Colombo/Feb19/2018-SB)