250 mn by securitising part of its Rs.
4 bn lease portfolio.
rnrnStructured by Capital Alliance, the four-year note was snapped up by top private sector institutions, Peoples Leasing, CEO D P Kumarage told Lanka Business Online.rn
rnWhile the funds will go somewhat towards easing the company quote s maturity mismatch, Kumarage plans to raise a further Rs. 200 mn to Rs. 300 mn later this year.rn
rnldblquote We have had a 37 percent growth so far this year, and there is a big appetite for vehicle leases, dblquote Kumarage said.rn
rnPeople quote s Leasing has become one of the top five players in the local leasing industry within a short period of six years, mainly by creating a niche for leasing buses.rn
rnBus leases amounts to 20 percent of its current Rs. 4.0 bn total leasing portfolio.rn
rnLeasing companies give out four to five year leases on short-term funds. The mismatch leaves them exposed to interest rate fluctuations.
rn
rnHowever, People's Leasing