NDB raises SL’s largest Basel III-Compliant Thematic Bond
View(s):National Development Bank PLC (NDB) recently announced that it successfully raised Rs. 16 billion through the issuance of Basel III-compliant Tier II Rated Unsecured Subordinated Redeemable GSS+ Bonds (the GSS+ Bonds), to be listed on the Colombo Stock Exchange (CSE).
This issuance marks a major milestone in thematic fundraising within Sri Lanka’s capital markets landscape, signalling the country’s growing progress in the increasingly important segment of sustainable finance, the bank said in a media release.
The GSS+ Bonds issue opened on March 10, 2026 and was oversubscribed the same day, demonstrating strong demand from both retail and institutional investors. This response reaffirms the confidence investors place in NDB and its overall financial strength and stability.
NDB’s GSS+ Bonds will be deployed to finance eligible Green (including Blue), Social, Sustainability, and Sustainability-Linked projects, supporting environmentally responsible, socially impactful, and sustainable economic development. Commenting on the landmark issuance, the bank’s Director/ CEO Kelum Edirisinghe said: “NDB’s sustainability journey goes back to its founding years when it was originally set up as a development finance institution that channelled funding from development finance institutions. From the outset, environmental and social considerations have been an integral part of NDB’s DNA.”
In addition to providing financing, the bank intends to play a proactive role in promoting these funding avenues amongst its clients, by advising and supporting businesses in transitioning toward more environmentally and socially responsible practices.
The Sole Manager and Financial Advisor to the GSS+ Bond issuance was NDB Investment Bank Ltd, an NDB subsidiary. The Trustee to the issue was People’s Bank, while the Registrar was SSP Corporate Services Pvt Ltd. Internally NDB’s Transaction Banking Unit, Legal Department, and Company Secretariat functioned as the Bankers, Lawyers, and Secretaries whilst Messrs Ernst & Young acted as the Auditors and Reporting Accountants to the GSS+ Bond issuance.
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