ISLAMABAD: Bank Alfalah Limited will list its Rs20 billion rated and subordinated term finance certificates on the Pakistan Stock Exchange from Friday. The BAFL will start trading in the privately placed securities from Monday. The Bank has informed the Pakistan Stock Exchange about this development today, fulfilling a legal requirement.
TFC Trading Rules
The listing will take place under Chapter 5C of the PSX Rule Book, covering privately placed debt securities.
Trading will use the platform provided by PSX, while the National Clearing Settlement System will settle transactions on a T+1 basis.
However, only Qualified Institutional Buyers defined under Chapter 5C will be eligible to trade the term finance certificates.
The TFCs will have a tenor of up to 10 years from their issue date. They will carry a floating coupon linked to six-month KIBOR plus 100 basis points. Each certificate will have a face value of Rs100,000, with one certificate constituting the market lot.
Issue Details and Trading Symbol
Pak Oman Investment Company Limited will serve as the Investment Agent for the issue.
Meanwhile, F.D. Registrar Services (Pvt) Limited will act as the Registrar and Transfer Agent for the certificates.
The National Clearing Company of Pakistan Limited has assigned the security symbol BAFLTFC9 to the TFCs.
The listing will provide eligible institutional investors with a platform to trade Bank Alfalah’s privately placed debt securities.
Furthermore, the listing comes as Pakistan’s capital market continues to facilitate debt financing through various financial instruments.
The bank’s TFCs will remain subject to the trading and settlement framework prescribed for privately placed debt securities on the exchange.
Therefore, eligible investors will be able to trade the certificates through the PSX platform once trading begins on September 28.
The securities’ floating return will remain linked to the prevailing six-month KIBOR, with an additional 100 basis points.
The issue’s 10-year maximum tenor also establishes a longer-term financing structure for the bank. PSX’s listing notice provides the key terms governing trading, settlement and eligibility for investors participating in the issue.
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