Seylan Bank’s debenture issue 2024 closed after oversubscription on the opening day (July 10), raising Rs.10 billion.
In a filing to the Colombo Stock Exchange (CSE), Seylan Bank shared that it received applications for over 100,000,000 debentures.
Fitch Ratings assigned Seylan Bank’s (A-(lka)/Stable) proposed Sri Lankan rupee-denominated, Basel III-compliant subordinated debentures an expected National Long-Term Rating of ‘BBB(EXP)(lka)’.
The proposed debentures, which will have maturities of five and seven years, will be listed on the CSE. 
The bank plans to use the proceeds to strengthen its Tier 2 capital, support the expansion of its loan book and reduce the maturity mismatches in the balance sheet.