“The roadshow in Singapore, Hong Kong and the UK will start this week,” a source said, noting that NSB wants to raise international funding this year. The roadshow was planned for June-July, but the lead managers (HSBC) to this bond issue had advised them not to proceed with the roadshow ahead of raising this bond as the current interest rates aren’t favourable, the source said. NSB will be the first local bank to raise a dollar bond of this magnitude.
The source added that for the past one and a half years NSB was planning on raising international funding.
Last year’s budget proposed a window for NDB and DFCC to raise long term foreign development finance up to US $ 250 million each to provide long term funding for Small and Medium Enterprises, plantations, construction industry and other manufacturing industries in the country.