By Marisa Wong
Madison, Wis., Dec. 1 - SinoPac Holdings announced the issue of NT$6 billion of subordinated financial debentures on behalf of Bank SinoPac.
The debentures were priced in two parts: series A for NT$3.1 billion and series B for NT$2.9 billion.
The seven-year debentures priced at par. The A series debentures priced with a fixed coupon of 1.8%. The B series debentures have a floating rate equal to the 90-day commercial paper rate plus 35 basis points.
Proceeds will be used to improve the BIS ratio and provide the mid/long-term funding resource for the capital needs of SinoPac subsidiaries.
This is the bank's first issue of financial debentures in 2010.
SinoPac is a Taipei, Taiwan-based banking and securities company.
| Issuer: | Bank SinoPac
|
| Issue: | Subordinated financial debentures
|
| Amount: | NT$6 billion
|
| Maturity: | Dec. 9, 2017
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 9
|
|
|
| Series A debentures
|
| Amount: | NT$3.1 billion
|
| Issue: | Series A debentures
|
| Coupon: | 1.8%
|
| Price: | Par
|
| Yield: | 1.8%
|
|
|
| Series B debentures
|
| Amount: | NT$2.9 billion
|
| Issue: | Series B debentures
|
| Coupon: | 90-day CP plus 35 bps
|
| Price: | Par
|
| Yield: | 90-day CP plus 35 bps
|
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