HNB’s Rs. 3 b deep-discount debentures snapped up; draw 40 applications

Monday, 2 September 2013 00:02 -     - {{hitsCtrl.values.hits}}

HNB’s deep discount debenture issue had drawn 40 applications worth Rs. 4.7 billion. The bank offered 20 million unsecured, senior, redeemable debentures at Rs. 67.715 each (their face value is Rs. 100) with an option to issue up to a further 10 million debentures in the event of oversubscription. The rated debentures have a tenor of 10 years with a bullet principal payment at maturity. Coupon payments are fixed at 8% per annum and paid annually. The forty applications requested for 69.4 million debentures worth Rs. 4.7 billion. Of the applicants, 38 were via bank draft and cheques requesting for 38 million debentures worth Rs. 2.57 billion. HNB had received 38 bank drafts applying for 37.9 million debentures and two bank guarantees applying for 31.5 million debentures. HNB is using the proceeds to fund its lending activities. In its basis of allocation, HNB said 50% of the issue size, being 10 million debentures, will be issued to the largest applicant as per the provisions disclosed in the prospectus, whilst the balance of the debentures will be allotted on a pro-rata basis amongst the other investors. Any residue will be allotted to the largest applicant. The allotment shall be with effect from 30 August 2013. Fitch Ratings has assigned Sri Lanka-based Hatton National Bank PLC’s (HNB; AA-(lka)/Stable) issue of unsecured, redeemable debentures of up to Rs. 3 billion a final National Long-Term rating of ‘AA-(lka)’. The debentures are rated at the same level as HNB’s National Long Term Rating as they constitute direct, unconditional, unsecured and unsubordinated obligations of the bank.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.

COMMENTS

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.