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BOC raises Rs. 5bn via BASEL III compliant additional Tier 1 Capital Perpetual Bonds



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The Bank of Ceylon (BOC) launched a private placement of Basel III Compliant, Unlisted, Unsecured, Subordinated, Perpetual, Additional Tier I Capital Bond issue with Non-Viability Write Down features. The amount to be raised was Rs. 3 billion with an option to issue up to a further Rs. 2 billion in the event of over subscription of the initial issue. This bond issue is approved by the Securities & Exchange Commission of Sri Lanka and Central Bank of Sri Lanka.

This is a novel debt instrument to the Sri Lankan debt capital market. The Bonds are not listed on the Colombo Stock Exchange and confined to qualified investors. The Bonds are irredeemable and may be callable by the Bank at its discretion at any time after expiry of 5 years from the date of issue subject to approval of the Central Bank of Sri Lanka. The Bonds carry a floating interest rate of 12 month net Treasury bill rate + 1.5% p.a. with a floor rate of 9.5% p.a.

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