Dhaka, Sept. 30 -- The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved bond issuance proposals from three banks to bolster their Tier-II capital base under Basel III.

The approval was given in the commissions' its 975th meeting chaired by Chairman Khondoker Rashed Maqsood.

BRAC Bank PLC received approval to issue an unsecured, non-convertible, fully redeemable, floating-rate social subordinated bond worth Tk 1,000 crore, carrying a coupon rate of Reference Rate plus 2.5% margin.

The bonds will be issued through private placement to institutional investors at a face value of Tk 10 lakh per unit. Prime Bank Investment Limited will act as trustee and BRAC EPL Investment Limited as arranger.

The bond will also be ...