NIC Asia Bank plans to issue debentures

NIC Asia Bank plans to issue debentures

NIC Asia Bank is issuing debentures worth Rs 400 million at 7.25 per cent coupon rate – popularly known as interest rate – on May 4 to 7. It will issue ‘7.5 per cent NIC Asia bond 2077’ at par value of Rs 1,000 per unit, according to the bank that is issuing the debenture second time in the current fiscal year. ICRA Nepal – a credit rating agency – has rated the bonds [ICRANP] LA – that means the bonds have adequate degree of safety regarding timely servicing of financial obligations. However, ICRA has rated the bonds earlier in July 2013, when NIC Bank was not merged to become NIC Asia Bank. Due to excess liquidity in the banks and financial institutions, interest rate has also plunged below eight per cent in this fiscal year. A month ago, Nepal SBI Bank had issued 10-year bond worth Rs 200 million at 7.9 per cent interest rate.
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