Lease Backed

Cash rich National Savings Bank (NSB) bought up Rs. 200 million worth of securitised paper last week, locking its returns for up to five years.
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Ceylease and Peoples Merchant Bank (PMB) issued the lease-backed securities in a bid to finance increased demand for leases and to diversify fund sources.rn

rnPeoples Merchant bank also structured and placed both deals with the state savings giant.rn

rnThe securitised paper was placed with NSB at around 150 basis points above the prevailing government risk free rates.rn

rnCeylease CEO, D Soosaipillai told LBO that the funds would go towards expanding its lease portfolio. rn

rnCeylease, which has traditionally relied on its principal the Bank of Ceylon for finance, is tapping the market for funds for the first time.rn

rnThe Ceylease securitised paper becomes due in nine tranches, starting from the end of the first year and going up to the end of the fifth year. rn

rnPeoples Merchant bank has issued its securitised paper to mature in three and three and

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