Sri Lanka’s HNB deep discount bond sale to open Aug 23

Aug 11, 2013 (LBO) – The sale of up to three billion rupees in deep discount bonds by Sri Lanka’s Hatton National Bank will open on Aug 23. Fitch Ratings had give the proposed bond an expected rating of ‘AA-‘ same as HNB’s long term rating.

The bank is offering 20 million debentures at 100 rupees each, and will issue a further 10 million if more orders are received.

The 10 year debt is sold at a discount of 67.715 cents on the rupee.

The bonds are unsecured, but are senior debt, meaning they will rank above any subordinated debt.