Syndication

July 25, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon will use a 200 million dollar syndicated loan to expand corporate lending, acting chairman Raju Sivaram said. Others included Axis Bank DIFC Branch, Band of Baroda, Indian Overseas Bank Singapore, Union National Bank PSJ, Doha Bank and Habib Bank.

The loan was arranged by Dubai-based Emirates NBD Capital. Chief executive officer Mohammed Wajid Kamran said the one year funding had a rate below 3.0 percent.

Initially in the market for 150 million US dollars, the arranger got orders for nearly 300 million dollars and the sale was closed at 200 million US dollars, he said.

Bank of Ceylon’s senior deputy general P A Lionel, said the loan attracted lowest price ever in 15 years of raising syndicating loans.

Fourteen lenders, including Standard Chartered Bank Sri Lanka, The Commercial Bank of Qatar (QSC), Gulf Bank KSC, Burgan Bank SAK, Doha Bank QSC and National Bank of Abu Dhabi PJSC had participated in the loans.