Index Agro's Tk 50cr IPO also okayedThe Bangladesh Securities and Exchange Commission (BSEC) on Wednesday gave its approval to Trust Bank's issuance of a Tk 400 crore non-convertible and subordinated bond, aimed to strengthen its additional tier 2 capital. Each unit of the bond was set at Tk 1 crore. Green Delta Insurance will be the trustee of the bond, while Standard Chartered Bank is the mandated lead arranger. Issuing a redeemable non-convertible unsecured subordinated bond is expected to help the commercial bank fulfil its Basel III requirements. Currently, the local bond market is dominated by redeemable subordinated bonds mainly issued by commercial banks; which help them construct their mandatory secondary capital base through the bond proceeds within a specific tenure.

Source: Dhaka Tribune December 23, 2020 19:30 UTC