By Marisa Wong
Morgantown, W.Va., Feb. 5 – Bank SinoPac said it priced NT$1.5 billion of perpetual non-cumulative subordinated financial debentures at par to yield 3.9%.
The bonds are callable after five years.
Proceeds from the non-underwritten offering will be used to improve the BIS ratio and provide mid- to long-term funding.
This is the bank’s first issue of perpetual non-cumulative subordinated financial debentures for 2016.
Settlement will occur on Feb. 23.
SinoPac is a Taipei, Taiwan-based banking and securities company.
| Issuer: | Bank SinoPac
|
| Issue: | Perpetual non-cumulative subordinated financial debentures, 2016 first issue
|
| Amount: | NT$1.5 billion
|
| Maturity: | Perpetual
|
| Coupon: | 3.9%
|
| Price: | Par
|
| Yield: | 3.9%
|
| Call option: | After five years
|
| Underwriters: | None
|
| Announcement date: | Feb. 5
|
| Settlement date: | Feb. 23
|
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