Staff reporter :
The Bangladesh Securities and Exchange Commission (BSEC) has approved the issuance of bonds worth Tk 2,300 crore by three listed banks—BRAC Bank, United Commercial Bank PLC (UCB), and Trust Bank PLC.
The approval came at BSEC’s 975th commission meeting held on
Tuesday (30 September), chaired by its chairman Khandaker Rashed Maksud. The decision was later confirmed in a press release signed by BSEC Assistant Director (Public Relations) Md Mohaiminul Haque.
According to the notification, BRAC Bank received the green light to issue Tk 1,000 crore in unsecured, non-convertible, redeemable, floating rate subordinated bonds.
Carrying a coupon rate of the reference rate plus 2.5 percent, the bonds will be issued to institutional and high net worth investors through private placement, with each unit valued at Tk 10 lakh.
Prime Bank Investment Limited will serve as trustee, while BRAC EPL Investment Limited will act as arranger. The bonds will later be listed on the Alternative Trading Board (ATB).
UCB was approved to issue Tk 800 crore in subordinated bonds at the reference rate plus 3 percent. Each unit will be valued at Tk 1 lakh, with DBH Finance PLC acting as trustee and UCB Investment Limited as arranger.
Trust Bank secured approval for Tk 500 crore in subordinated bonds under similar terms, with DBH Finance as trustee, and UCB Investment and Trust Bank Investment PLC as arrangers. These too will be listed on ATB.
