Bank Alfalah issues, lists on PSX first MTN as TFC.
KARACHI -- In a very encouraging development for the debt market of the country, an innovative debt instrument has been issued and listed on Pakistan Stock Exchange by Bank Alfalah Limited.
Bank Alfalah has issued medium-term note in the form of Term Finance Certificates (Tranche Series-A) of Rs 11,000 million through Shelf Registration Program, which was marked by a Gong Ceremony held at PSX on Thursday, said a news release.
The Gong was struck by the Chief Executive Officer of Bank Alfalah Atif Bajwa in the presence of the members of PSX Board, PSX Managing Director Farrukh H. Khan, and other senior officers of PSX, BAFL, and Securities and Exchange Commission of Pakistan.
PSX Managing Director and CEO Farrukh H.Khan described the listing of BAFL's TFCs as a positive development for the debt market of the country. Bank Alfalah had always been innovative and for the first time a shelf prospectus against issuance of Rs 50 billion TFCs had been approved.
Bank Alfalah had presence in both the brokerage and asset management industries and had recently become the first market maker of debt securities as well.
" I am very pleased, they are making their mark again on PSX through this innovative debt instrument, which will help provide depth and dynamism to the debt sector of the capital market of Pakistan,' he said.
CEO of Bank Alfalah Limited, Atif Bajwa thanked SECP and PSX for their continued efforts in promoting the capital markets of the country.
" Our debt capital markets are still at a nascent stage and we appreciate the efforts of all the stakeholders to develop this market based on global best practices," he said.
Bank Alfalah management also believed that an efficient and well-developed debt market would open up additional avenues for corporates and investors for sources of funding and investments respectively, he said.
Arif Habib, Chairman of Arif Habib Group of Securities congratulated Bank Alfalah management on the successful issuance of their medium-term note. He also...
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