National Development Bank PLC (NDB), a development financier, yesterday announced its plans for Rs.10 billion listed debt, the largest ever debenture issue a listed company has so far announced.

The bank said the board of directors has decided to issue listed rated unsecured subordinated redeemable debentures of Rs.5 billion, with an option to go up to Rs.8 billion and a further option to go up to Rs.10 billion, subject to regulatory approval.

State-owned Bank of Ceylon recently raised Rs.8 billion though a debenture issue.

In Budget 2013, NDB was provided a window to raise funds from the international market up to US $ 250. Another development financier, DFCC, which was also offered the opportunity, recently raised US $ 100 million from international markets.

When queried, NDB Bank CEO Rajendra Theagarajah said they are still on the “look out” for foreign funding and at the “right rate” the bank will go for it. “These are two things. When there is the right opportunity, we will be raising money from the domestic market and on the foreign side, we will raise funds at the right rate,” he said.