Official: Diamond Bank Suspends $500million Bond Issuance

Diamond Bank has suspended its planned issuance of a seven-year $550 million bond due to pricing turbulence in the international debt market.The bank disclosed during an investors’ conference call on its financial results for the period ended September 30, 2013.

 “Our efforts towards injection of tier II capital have been put on hold following the persisting pricing turbulence in the international debt market,” Reuters quoted the bank to have said in a presentation with analysts.

The Bank needed the funds to shore up its capital base as it continues with its ambitious plans to increase lending to the retail and SME sectors.