Trust Bank to issue Tk 400 crore bond

Trust Bank has got go-ahead for a non-convertible, unsecured and floating rate subordinated bond worth Tk 400 crore.

Bangladesh Securities and Exchange Commission approved the bond in a meeting last night.

The range of coupon rate of the bond is 6 per cent to 9 per cent. The issuer will raise the funds through private placement from institutional investors and high-net worth individual investors.

Face value of each unit of the bond is Tk 1 crore. With the bond proceeds, the lender will strengthen its tier-2 capital base.

DBH Finance PLC is its trustee and Standard Chartered Bangladesh is the arranger. The bond would be listed at the alternative trading board of the stock exchanges.