HNB’s Rs. 3 b debentures snapped up

Friday, 5 December 2014 00:27 - - {{hitsCtrl.values.hits}}

Hatton National Bank’s (HNB) Rs. 3 billion debenture issue has been closed following an oversubscription on its official opening day itself yesterday. The bank offered 30 million senior unsecured redeemable rated debentures at Rs. 100 each. This issue had an option of increasing it by a further 10 million debentures in the event of an oversubscription of the original amount. The issue was closed though the option wasn’t exercised. Acuity Partners were the managers to the issue. The offer comprised of Fixed Coupon Rate of 6.88% p.a. payable semi-annually with a Three year tenure (2014/2017) for Type A Debentures; Fixed Coupon Rate of 7.75% p.a. payable semi-annually with a Five year tenure (2014/2019) for Type B Debentures and a Fixed Coupon Rate of 8.33% p.a. payable semiannually with a Ten year tenure (2014/2024) for Type C Debentures. The funds raised by the debenture issue will be utilized for the on-going lending activities of HNB as part of its normal course of business for the following benefits: reduce asset and liability maturity mismatches; reduce interest rate risk of the bank by way of debentures carrying a fixed interest rate and lock in medium term guaranteed funding.

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