The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has approved a bond of Tk 500 crore for Exim Bank Limited. The bond was approved at the 775th commission meeting today.

According to BSEC sources, BSEC has approved Exim Bank Limited's non-convertible, unsecured, floating rated, Mudaraba Sa-Ordinand bonds worth Rs 500 crore. The coupon rate of the sub-ordained bond will be determined by adding 2 per cent margin to the average 6-month average of dividends on fixed deposits of Islamic banks. The bonds will be issued through private placements in favor of financial institutions, mutual funds, insurance companies, listed banks, cooperative banks, regional rural banks, organizations, trusts, autonomous corporations and other eligible investors. With the bond money, Exim Bank will strengthen its Tier 2 capital base. The face value of each unit / lot of this bond is one crore rupees. The trustee of the bond is Sena Kalyan Insurance Company Limited and the arranger is Standard Chartered Bank.

Sunbd/NJ