By Marisa Wong
Madison, Wis., Dec. 11 – Hua Nan Commercial Bank Co. Ltd. priced NT$2.8 billion of debentures in two tranches, according to a Taiwan Stock Exchange notice.
The bank priced NT$900 million of tranche A debentures and NT$1.9 billion of tranche B debentures.
The seven-year tranche A debentures carry a coupon of 1.83%, and the 10-year tranche B debentures carry a coupon of 1.98%.
Both tranches were priced at par.
Proceeds will be used to achieve stable medium- to long-term working capital and enhance the bank’s BIS ratio.
This is the Taipei, Taiwan-based bank’s third issue of subordinated financial debentures for 2014. The bank’s board of directors had approved the issuance of a maximum of NT$15 billion of debentures on Nov. 15, 2013.
| Issuer: | Hua Nan Commercial Bank Co. Ltd.
|
| Issue: | Subordinated financial debentures
|
| Amount: | NT$2.8 billion
|
| Announcement date: | Dec. 11
|
| Settlement date: | Dec. 19
|
|
|
| Tranche A
|
| Amount: | NT$900 million
|
| Maturity: | Dec. 19, 2021
|
| Coupon: | 1.83%
|
| Price: | Par
|
| Yield: | 1.83%
|
|
|
| Tranche B
|
| Amount: | NT$1.9 billion
|
| Maturity: | Dec. 19, 2024
|
| Coupon: | 1.98%
|
| Price: | Par
|
| Yield: | 1.98%
|
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