ECONOMYNEXT – Sri Lanka’s Commercial Bank said it has decided to raise up to 15 billion rupees through a sale of green bonds, increasing the volume from a previous plan of only 5 billion rupees.
The debentures will have tenures of 5 years, 7 years and l0 years, Commercial Bank said in a stock exchange filing.
The bank plans to offer 100 million, 100 rupee bonds to raise 10 billion rupees, and issue a further 5 billion rupees if the first offer is oversubscribed.
The bonds will be Basle III compliant and be converted to shares to repay depositors (a Non-Viability Conversion feature).
Commercial Bank said last year it was only planning to raise 5 billion rupees from green bonds.
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Sri Lanka’s Commercial Bank plans green bond issue to raise Rs5bn
In July last year, the bank said Sustainable Fitch had given an opinion of ‘Good’ for its green bond framework, based on alignment to with the International Capital Market Association’s Green Bond Principles 2021, Social Bond Principles 2023 and the Sustainability Bond Guidelines 2021.
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Sri Lanka’s Commercial Bank gets Sustainable Fitch opinion to sell green bonds
Commercial Bank voting shares were trading down at 148.00, non-voting down at 127.25 on Monday. (Colombo/Feb3/2025)
