Another subordinated bond will be issued by stock market-listed United Commercial Bank PLC (UCB). This bond is known as the UCB 6th Subordinated Bond. Five other subordinated bonds were previously issued by UCB. The market will provide UCB with Tk 1,000 crore through the anticipated bond offering. With this funding, the bank will fortify its Tier-II capital basis.
At the United Commercial Bank Board of Directors meeting on Thursday, June 19, this decision was made. This information came from sources at UCB. The recent commission meeting of the Bangladesh Securities and Exchange Commission (BSEC) authorized this bond issue request.
The source claims that the bond under discussion will be Trust Bank’s sixth subordinated bond. This bond will have a seven-year duration. At the conclusion of the term, it will be entirely redeemed. It is not possible to convert the bond into shares. In other words, none of it will be turned into stock. This bond will not be secured by any security.
The plan to issue the bond will go into effect after receiving clearance from the Bangladesh Securities and Exchange Commission and Bangladesh Bank.
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