Sri Lanka's People's Leasing wraps up largest listed bond issue

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Mar 19, 2013 (LBO) - Sri Lanka's People's Leasing and Finance Plc, the country's largest non-bank lender said it had sold 6.0 billion rupees in bonds, which a joint manager said was the largest listed debenture sale so far.

The company said the oversubscribed issue was closing today and the basis of allocation would be notified later.
Taprobane Wealth Plus (Pvt) Ltd that jointly managed the issue with Investrust Capital (Pvt) Ltd said it was the largest listed debenture issue so far.

PLC was a prolific issuer of securitized debt in the over the counter market. From this year, listed debt was made tax free drawing many issuers to the listed market.

Taprobane Wealth Plus (Pvt) Ltd, the corporate finance arm of the Taprobane Holdings Group said it sourced 60 percent of the orders for the debenture sale.

People's Leasing offered 4-year debentures with a coupon 16.5 percent a year, paying interest every six months. The senior debt was was rated 'AA-(lka)' by Fitch.

The 5-year debenture had a coupon of 16.75 percent every six months or 17.0 percent with a yearly coupon.
http://lbo.lk/fullstory.php?nid=66436432

CSE.SAS

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People’s Leasing &Finance PLC announced yesterday that the entire debenture issue of Rs.6 billion has been oversubscribed.

The issue, which opened yesterday, comprised of 30,000,000 listed, senior, unsecured, redeemable and rated debentures at a par value of Rs. 100 each, amounting to Rs. 3 billion and a further 30,000,000 debentures totalling up to a maximum of 60,000,000 debentures worth Rs. 6 billion.

The Managers to the issue are Taprobane Wealth Plus Ltd. and Investrust Capital Ltd., whilst Deutsche Bank AG acts as the Trustee to the issue. Fitch Ratings Lanka has assigned a final national long term rating of (AA-) to these debentures.

he oversubscription of the debenture on the opening day reflects the trust placed in People’s Leasing & Finance PLC by the people of Sri Lanka. The country’s largest non-banking financial institution and the leader in leasing, People’s Leasing & Finance has been awarded a rating of ‘B+’ by Fitch Ratings International, a ‘B+/B’ by Standard & Poor’s and a ‘AA-’ by Fitch Lanka.

Founded in 1995, People’s Leasing & Finance PLC (PLC) is Sri Lanka’s unshakable leader in the leasing sector.

In the past 16 years, People’s Leasing has built an extraordinary tradition of excellence in all spheres of leasing and is now the established market leader.

PLC’s customers range from individuals to SMEs to blue chip companies in every corner of the island.
The company has contributed immensely to the country’s economic growth and the quality of life of millions of Sri Lankans. The People’s Leasing Group has diversified to include six subsidiaries, united under PLC’s name. Customers can now obtain insurance, finance, microfinance and fleet management services under one roof.

PLC’s user-friendly product range, nationwide outreach and strong foundation of talented management and staff have made the company immensely profitable. The company is now a major contributor to the success of its parent company, People’s Bank. As a subsidiary of People’s Bank, the group enjoys the strength and recognition of its parent and the flexibility of the private sector.

http://www.ft.lk/2013/03/20/peoples-leasing-finance-rs-6-b-debenture-issue-snapped-up/

CSE.SAS · 3 Rs.6 bn PLC debenture issue oversubscribed Wed Mar 20, 2013 5:48 pm

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The Rs.6 billion listed debenture issue by People’s Leasing & Finance PLC (PLC), a unit of state-owned People’s Bank was oversubscribed yesterday—the opening day of the issue.

The Co-Manager to the issue, Taprobane Wealth Plus, a unit of Taprobane Holdings PLC and Investrust Capital said the high demand for the issue witnessed the oversubscription of both the Rs.3 billion initial tranche and the balance tranche of Rs.3 billion on the opening day of the issue. The debentures were issued at a par value of Rs.100.

http://www.dailymirror.lk/business/other/26898-rs6-bn-plc-debenture-issue-oversubscribed.html