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BRAC Bank Plans Tk 7 Billion Bond Issue

Company: BRAC Bank Limited
Company Intelligence Tag: Business Insights

BRAC Bank Ltd, a leading bank in Bangladesh, has announced its decision to issue non-convertible subordinated bonds worth Tk 7.0 billion. The seven-year bonds will be non-convertible, fully redeemable, and coupon bearing with a floating interest rate and will serve to enhance the bank’s Tier-II capital base. The issuance of the bonds is subject to regulatory approvals from the Bangladesh Bank and the Bangladesh Securities and Exchange Commission. Proceeds from the bond issuance will be treated as capital and will support the bank’s growth in its investment and loan portfolio. In the first quarter of 2023, BRAC Bank reported a 25% year-on-year growth in consolidated earnings per share. The bank’s stock price has remained stagnant at Tk 35.80 in recent weeks.

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