HSBC facilitates US$ 250 m bond for NSB

Friday, 5 September 2014 00:32 -     - {{hitsCtrl.values.hits}}

HSBC yesterday announced the successful joint arrangement of a US$ 250 million five-year bond issuance due 2019 for National Savings Bank (NSB), a policy bank wholly-owned by the Government of Sri Lanka. HSBC Sri Lanka and the Maldives Chief Executive Officer Patrick Gallagher said: “This is a significant milestone for HSBC with NSB, having achieved the lowest yield by a Sri Lankan issuer. The transaction attracted overwhelming interest from investors’ achieving an oversubscription ratio of 8.5 times. This marks our second issue for NSB and the third sovereign related issue for the year, demonstrating our position as the undisputed leader in the Debt Capital Market in Sri Lanka.” HSBC acted as Joint Bookrunner and Joint Lead Manager for this transaction that represented the lowest yield outside of the sovereign itself. Head of Financial Institutions Group & Public Sector Shamindra Marcelline said: “HSBC is extremely proud to have been associated with NSB in yet another successful international trade. This is a fantastic achievement for the country.  An orderbook in excess of US$ 2.1 b with a well-balanced split across Asia, Europe and the USA, representing an oversubscription of 8.5 times is clearly an indication of the credit credential of the National Savings Bank.” HSBC Holdings PLC, UK’s Barclays PLC and US-based Citigroup Inc. were the Joint Lead Managers for the transaction.