Sri Lanka’s DFCC Vardhana Bank sells Rs5.0bn in senior and junior debt
COLOMBO (EconomyNext) – Sri Lanka’s DFCC Vardhana Bank said it sold Rs5.0 billion in 5-year listed debt, which has boosted capital, and allowed it grow its loan book.
The senior ‘Typa A’ rated A+ (lka) by Fitch pays 9.10 percent. The subordinated ‘Type B’ rated ‘AA- (lka)’ paid 9.40 percent.
Senior debt is repaid first in the event of liquidation.
The firm received orders of 4.42 billion rupees for Type A and 4.21 billion for Type B, totalling 8.6 billion rupees.
DVB’s debt issue was managed by Capital Alliance Partners Limited and Acuity Partners (Pvt) Limited, with DFCC Banks Funding and Capital Markets Division as structuring partner.