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BankNordik to call Kr 450 million tier 1, tier 2 bonds via new issue
By Susanna Moon
Chicago, May 23 – BankNordik P/F said it redeem its Kr 180 million of outstanding tier 1 hybrid bonds and Kr 270 million of tier 2 subordinated bonds.
The bonds will be redeemed on June 24.
At the same time, BankNordik will issue Kr 225 million of 10-year CRD IV compliant tier 2 capital on June 24, according to a company announcement.
The new bonds will have first call after five years.
The coupon will be 5.0785%, based on the five-year fixed Danish swap rate plus the margin of 475 basis points. If the bonds are not redeemed on June 24, the interest rate will be reset based on the prevailing Cibor rate plus the margin of 475 bps.
BankNordik P/F is a bank that is based in the Faroe Islands.
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