Taiwan's Shin Kong to sell NT$2 billion of subordinated debentures

By Marisa Wong

Madison, Wis., Aug. 24 - Shin Kong Bank plans to issue NT$2 billion of subordinated financial debentures, according to an announcement by Shin Kong Financial Holding Co. Ltd.

The debentures will be issued at par with a maturity of five to 10 years. The coupon will be determined based on market conditions and the bank's funding condition.

The debentures will be sold through a non-underwritten public offering. This will be the bank's second issue of subordinated financial debentures in 2011.

Proceeds will be used to enhance the bank's financial structure, to improve capital adequacy ratios and to raise stable mid- to long-term funds.

Taipei, Taiwan-based Shin Kong is an investment holding company.

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