Pan Asia Bank debenture issue oversubscribed at Rs. 5.2 b

Wednesday, 7 October 2026 04:31 - - {{hitsCtrl.values.hits}}

Pan Asia Banking Corporation PLC yesterday said its debenture issue drew applications worth Rs. 5.17 billion, exceeding the maximum Rs. 5 billion on offer, final figures showed.

The bank received 57 applications for 51.7 million debentures, against an initial issue of 20 million debentures at Rs. 100 each to raise Rs. 2 billion. The issue carried an option to raise a further Rs. 2 billion in the event of oversubscription, and a second option for an additional Rs. 1 billion if both the initial issue and second tranche were oversubscribed.

Demand was concentrated in Type B debentures, which attracted Rs. 3.25 billion from 45 applications. Type A debentures drew Rs. 1.93 billion from 12 applications.

Institutional appetite was evident in the payment structure. Two applications backed by bank guarantees accounted for Rs. 2.5 billion, or 48% of total demand, comprising Rs. 1.5 billion for Type B and Rs. 1 billion for Type A. The remaining Rs. 2.67 billion came from 55 applications paid by cheque or Real Time Gross Settlement (RTGS) transfer.

The debentures are listed, rated, senior unsecured and redeemable, ranking ahead of subordinated debt but without security over the bank’s assets.