Jyske wraps tenders for two series of capped fixed-to-float perpetuals

By Susanna Moon

Chicago, March 24 - Jyske Bank A/S said investors tendered €16,534,000 of its €100 million of perpetual capped fixed-to-floating capital securities and €24,992,000 of its €125 million of perpetual capped fixed-to-floating capital securities.

The tender offer began March 4 and ended at noon ET on March 21, with settlement set for March 26.

As previously announced, the first series of perpetuals has an initial call date of Sept. 16, 2015 with €77,229,000 outstanding, and the other series of perpetuals has an initial call date of July 5, 2014 with €97,771,000 outstanding.

The purchase price is €750 per €1,000 principal amount plus accrued interest.

The offer is part of Jyske's aim to improve its capital position by increasing common equity tier 1 and it also provides investors with a "new opportunity to monetize their investments at the relevant repurchase price," according to a bank press release.

Tender instructions had to be submitted for a minimum of €1,000 par amount and in integral multiples of €1,000 after that.

The dealer manager is BNP Paribas (44 0 20 7595 8668, attn. liability management group, or email liability.management@bnpparibas.com). The tender agent is Lucid Issuer Services Ltd. (44 0 20 7704 0880, attn. Paul Kamminga, or email jyske@lucid-is.com).

The issuer is a Silkeborg, Denmark-based commercial bank.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.