Analyst
Muhammad Obaid
muhammad.obaid@pacra.com
+92-42-35869504
www.pacra.com
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TFC-II (Jun-14) of MCB Bank Limited fully redeemed; rating withdrawn
Issuer | MCB Bank Limited |
Instrument | TFC-II |
Amount | PKR 4198 mln |
Issuance Date | 19-Jun-14 |
Tenor | 5 Years |
Redemption Date | 19-Jun-19 |
Outstanding Amount | - |
Rating Type | Debt Instrument | |
Current (26-Jul-19 ) |
Previous (28-Jun-19 ) |
|
Action | Redeem | Maintain |
Long Term | - | AAA |
Short Term | - | - |
Outlook | - | Stable |
Rating Watch | - | - |
Final payment along with accrued mark-up of unsecured, subordinated TFC-II issued by NIB and transferred to MCB Bank Limited (MCB) ['AAA' (Triple A)] upon its merger with MCB Bank Limited was made on June 19, 2019 being the call option exercised date.
Subsequent to the completion of the redemption process, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of TFC-II of MCB.
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