Chase Bank raises Sh4.8 bn as bond draws strong demand

Mid-sized lender Chase Bank said on Wednesday it had raised Sh4.8 billion ($49.43 million) in the first tranche of an oversubscribed bond offer.

The lender had sought to raise Sh3 billion but after receiving a subscription rate of 161 per cent, it exercised an option to take up an additional Sh1.8 billion.

Last month, Chase detailed the plan to issue the seven-year multi-currency bond worth up to Sh10 billion, to support its expansion plans and strengthen the capital base.

The first tranche of the bond will be listed on the Nairobi Securities Exchange (NSE) on June 22.