Eastern Bank to issue Tk 500 crore bond
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Eastern Bank is going to issue a non-convertible unsecured floating rate fully-redeemable subordinated bond worth Tk 500 crore.
Today, the lender got go-ahead from Bangladesh Securities and Exchange Commission (BSEC) to issue the bond.
The permission was given in a commission meeting at its own office in the capital.
The coupon rate of the bond will be 6 per cent to 9 per cent and the face value of each unit is Tk 1 crore.
The bond would be issued among financial institutions, insurance companies, institutional investors, corporate, high-net worth people through private placement.
With the bond proceeds, EBL would strengthen its tier-2 capital base and invest in traditional business.
The BSEC has attached a condition of listing the bond in the alternative trading board.
UCB Investments is the trustee of the bond.
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