BSEC approves MTB’s Tk 500cr bond
Mutual Trust Bank (MTB) has got the nod to issue a fully redeemable, non-convertible, unsecured floating rate subordinated bond worth Tk 500 crore.
The Bangladesh Securities and Exchange Commission (BSEC) gave the go-ahead at a commission meeting at its office yesterday. The meeting was presided over by Professor Shibli Rubayat Ul Islam, chairman of the BSEC.
The bond will be issued among financial institutions, insurance companies, corporates, and eligible investors through private placement.
With the bond proceeds, the lender will strengthen its tier-II capital base, increase its loan portfolio to corporates, and invest in treasury securities. Each unit of the bond is priced at Tk 1 crore.
UCB Investments is the trustee and RSA Advisory is the mandated lead arranger of the bond while MTB Capital will work as co-arranger.
The BSEC gave the condition that the bond must be enlisted in the alternative trading board of the stock exchange.
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