BM Desk : The regulatory authority, Bangladesh Securities and Exchange Commission (BSEC), has canceled the bond issue proposal of Standard Bank PLC, which is listed on the capital market.
According to sources at the Dhaka Stock Exchange (DSE), the commission recently informed the bank through a letter that their proposal for a private placement of a Mudaraba subordinated bond has been canceled.
Earlier, on June 29, the bank had announced through the DSE that its board had decided to issue the “Standard Bank Fifth Mudaraba Subordinated Bond.” Through this bond issue, the bank aimed to raise BDT 5 billion (500 crore).
This bond, which was unsecured, non-convertible, and fully redeemable, was intended to strengthen the bank’s Tier-2 capital under the Basel III standards. The interest rate of the bond was floating and was to be determined according to the regulator’s guidelines. The tenure of the bond had been set at 7 years.
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