By Marisa Wong
Morgantown, W.Va., Dec. 17 – Taichung Commercial Bank priced NT$1.5 billion of perpetual non-cumulative subordinated financial debentures, according to a Taiwan Stock Exchange notice.
The interest rate will be the Chunghwa Post one-year time deposit rate plus 308 basis points. The benchmark rate will be reset annually.
The debentures are callable after five years.
The non-underwritten bonds make up the bank’s first issuance of perpetual debentures for 2015. The bank announced the planned issuance in June.
Proceeds will be used to strengthen the bank’s capital structure and enhance its capital adequacy ratios, as previously noted.
The debentures will be issued on Dec. 28.
The bank is based in Taichung, Taiwan.
| Issuer: | Taichung Commercial Bank
|
| Issue: | Perpetual non-cumulative subordinated financial debentures, 2015 first issue
|
| Amount: | NT$1.5 billion
|
| Maturity: | Perpetual
|
| Coupon: | Benchmark plus 308 bps; benchmark is Chunghwa Post one-year time deposit, reset annually
|
| Price: | Par
|
| Call: | After five years
|
| Underwriter: | None
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 28
|
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