By Marisa Wong
Madison, Wis., May 13 – E.Sun Bank priced $85 million of 0% subordinated debt at par, according to an announcement by parent company E.Sun Financial Holding Co., Ltd.
The 30-year bonds have an internal rate of return of 4.8%.
This is E.Sun’s first issue of unsecured subordinated debt of 2015.
The notes are conditionally callable after seven years and every five years after that.
The notes will settle on May 27.
Proceeds from the non-underwritten offering will be used to strengthen the bank’s capital structure and enhance the BIS ratio.
The bank is based in Taipei, Taiwan.
| Issuer: | E.Sun Bank
|
| Issue: | Subordinated debt
|
| Amount: | $85 million
|
| Maturity: | May 27, 2045
|
| Coupon: | 0%
|
| Price: | Par
|
| IRR: | 4.8%
|
| Call option: | Conditionally after seven years and every five years after that
|
| Underwriter: | None
|
| Settlement date: | May 27
|
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