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Southeast Bank to issue 5B taka of bonds

Southeast Bank Ltd. plans to issue 5 billion Bangladeshi taka of nonconvertible subordinated bonds on a private placement basis.

The seven-year floating-rate bonds were priced at par, according to a March 7 release.

Proceeds from the issuance will be used to increase the Tier 2 capital of the bank.

The Bangladesh Securities and Exchange Commission approved the issuance.

As of March 7, US$1 was equivalent to 83.04 Bangladeshi taka.