Southeast Bank PLC has received approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk800 crore through a seven-year subordinated bond to strengthen its Tier-II capital base under Basel III.
The approval was granted at BSEC’s 1,031st commission meeting on Tuesday.
The Southeast Bank Subordinated Bond (6th Issue) will be unsecured, non-convertible, fully redeemable and floating rate, with a coupon rate of reference rate plus 3 per cent.
The bond will be issued through private placement to institutional investors and high net worth individuals, with each unit carrying a face value of Tk5 lakh.
DBH Finance PLC will act as trustee, while UCB Investment Limited will work as the issue manager.
The bond will be listed on the main board of the stock exchange.
