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Fitch: Bank of Ceylon to raise 8B rupees in debt issue

Bank of Ceylon plans to raise 8 billion Sri Lankan rupees worth of Basel III-compliant debentures, Fitch Ratings said Dec. 20.

The subordinated unsecured debentures are expected to have maturities of five and eight years, and bear fixed- and floating-rate coupons.

The bank plans to use proceeds from the issuance to support its loan book expansion and to strengthen its Tier II capital base.

As of Dec. 20, US$1 was equivalent to 153.10 Sri Lankan rupees.