By Marisa Wong
Madison, Wis., Sept. 8 - Shin Kong Bank will issue NT$2 billion of subordinated financial debentures in two tranches, according to an announcement by Shin Kong Financial Holding Co. Ltd.
The bank priced NT$1.5 billion of tranche A debentures and NT$500 million of tranche B debentures. Both tranches are priced at par.
The tranche A bonds have a coupon of 1.95% and will mature on Sept. 26, 2021, and the tranche B bonds have a coupon of 1.8% and are due Sept. 26, 2018.
The debentures are being sold through a non-underwritten public offering. This is 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.
Settlement will occur on Sept. 26.
Taipei, Taiwan-based Shin Kong is an investment holding company.
| Issuer: | Shin Kong Bank
|
| Issue: | Subordinated financial debentures
|
| Amount: | NT$2 billion
|
| Underwriter: | None
|
| Settlement date: | Sept. 26
|
|
|
| Tranche A
|
| Amount: | NT$1.5 billion
|
| Maturity: | Sept. 26, 2021
|
| Coupon: | 1.95%
|
| Price: | Par
|
| Yield: | 1.95%
|
|
|
| Tranche B
|
| Amount: | NT$500 million
|
| Maturity: | Sept. 26, 2018
|
| Coupon: | 1.8%
|
| Price: | Par
|
| Yield: | 1.8%
|
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