Pakistan Stock Exchange lists Rs8,017.5m Bank of Punjab TFCs

The Pakistan Stock Exchange on Thursday notified the listing of Term Finance Certificates (TFCs) worth Rs8,017.5 million of The Bank of Punjab in pursuant of Chapter 5C of PSX Rule Book [Privately Placed Debt Securities’ Listing Regulations”].

It said trading in these Privately Placed, Unsecured, Subordinated, Perpetual and Non-Cumulative (AT-1) TFCs would  commence from Friday (December 23) through Bond Automated Trading System (BATS) to be settled through National Clearing Settlement System (NCSS) on T+1 basis.

The TFCs offer a floating coupon rate of six months KIBOR plus 200 bps for the period at the end of which the Bank of Punjab is compliant with Minimum Capital Requirement, Capital Adequacy Ratio and Leverage Ratio.

In this connection, Pak Brunei Investment Company Limited is acting as the Agent to the Issue. Only Qualified Institutional Buyers (QIBs), as defined in Chapter 5C of the PSX Rule Book, are allowed to trade in the TFCs.

The market lot will be one certificate of face value of Rs100,000 each while the Bank of Punjab has not appointed a Designated Market Maker for this issue.

On the other hand, the National Clearing Company of Pakistan Limited has assigned the Security Symbol “BOPTFC2” to these TFCs.

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