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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » DVB’s Rs. 5 bn debenture issue oversubscribed in a few hours

DVB’s Rs. 5 bn debenture issue oversubscribed in a few hours

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
DFCC Vardhana Bank (DVB) PLC, recently concluded the second listed debt issue in its 12 year history, on May 29, 2015 . The first debt issue was launched to list the bank in 2011 in accordance with regulations set by the Central Bank of Sri Lanka (CBSL). The most recent debt issue was an immense success and will play a crucial role in supporting the bank’s continued growth and progress. DFCC Bank PLC has majority ownership of DVB and owns 99.17% of the bank.
The bank is known for its commitment to developing innovative products and services and introduced another industry first with its latest debt issue. It was the first listed debt issue consisting of two types of debt rankings, viz senior and subordinated. Investors were given a choice of selecting between the rankings as opposed to interest rate types, drawing attention to the stability of the organization. The senior debt carried a National Long term Rating of AA- while the subordinated debt carried a National Long term Rating of A+. Both ratings were affirmed by Fitch Ratings. The issue was extremely successful and was oversubscribed in both categories, within hours of the issue opening to the public. - (DVB)
Courtesy: The Island 04 June 2015

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