Sri Lanka’s Sampath Bank sells Rs7bn 13.9-pct bail-in bonds
ECONOMYNEXT – Sri Lanka’s Sampath Bank Plc said it is closing an offer of 5-year bail-in bonds after more than 7.0 billion rupees of subscription were received.
The 5-year bonds will pay an annual interest of 13.9 percent.
Sampath Bank offered 5.0 billion rupees of 5-year Basel III-compliant bonds with an option to raise another 2.0 billion rupees of securities if more orders came in.
Basel III bonds can be converted to shares on the orders of the regulator to make up for capital shortfalls.
The security is rated A(lka) by Fitch. (Colombo/Feb21/2019-SB)