The National Savings Bank’s (NSB) US dollar bond saw $2.4 billion orders from some 175 investors, sources close to the NSB said. They said that the NSB raised $750 million at 8.875 per cent, instead of the initial price guidance which was set at 9.25 per cent amid volatile global conditions. “We observed the order [...]

The Sundaytimes Sri Lanka

NSB’s $ bond fetches $2.4 bln orders

View(s):

The National Savings Bank’s (NSB) US dollar bond saw $2.4 billion orders from some 175 investors, sources close to the NSB said.
They said that the NSB raised $750 million at 8.875 per cent, instead of the initial price guidance which was set at 9.25 per cent amid volatile global conditions. “We observed the order book and saw the strong orders and decided to narrow it to 8.875 pe cent,” a source said.

NSB had the roadshow with lead managers, Barclays, Citigroup and HSBC in the US, London, Singapore and Hong Kong, he said.
The premier savings bank reduced the bond amount from US $ 1 billion to US $ 500 million while changing the bond’s tenure from 10 years to less than 10 years, as per the lead managers’ advice. The roadshow was planned for June-July, but they recommended not proceeding with it ahead of raising this bond as the interest rates weren’t favourable, the source said.

Share This Post

DeliciousDiggGoogleStumbleuponRedditTechnoratiYahooBloggerMyspace
comments powered by Disqus

Advertising Rates

Please contact the advertising office on 011 - 2479521 for the advertising rates.