Debenture Issue

Sri Lanka's state minister of defence Ruwan Wijewardene (L) takes part in a press conference in Colombo on April 24, 2019. - A Sri Lankan security dragnet hunting those responsible for horrifying bombings that claimed more than 350 lives has scooped up a further 18 suspects, police said April 24, as pressure mounted on politicians to explain why no one acted on intelligence warnings. (Photo by ISHARA S. KODIKARA / AFP) (Photo credit should read ISHARA S. KODIKARA/AFP/Getty Images)

Mar 08, 2013 (LBO) – Sri Lanka’s People’s Leasing and Finance said it will sell up to 6.0 billion rupees in 4 and 5-year listed debentures with subscriptions opening on March 19. Listed debentures have been made free of withholding tax, triggering a spurt of such issues.

The 4-year debenture pays 16.5 percent a year, with payments every six months.

The 5-year debenture will pay 16.75 percent every six months or 17.0 percent with a yearly coupon.

People’s Leasing is Sri Lanka’s largest non-bank lender.

Fitch has given the debentures a ‘AA-(lka)(EXP)’ investment grade rating.

People’s Lesing chief executive D P Kumarage said in a statement that the issue provides an attractive investment opportunity over 4 to 5 years.

The minimum subscription is one million rupees or 10,000 debentures of 100 rupees each, with increments of 5,000 dentures.