By William Gullotti
Buffalo, N.Y., March 14 – Taiwan’s SinoPac Financial Holdings Co., Ltd. announced that subsidiary Bank SinoPac priced NT$5 billion of 2% unsecured perpetual non-cumulative subordinated financial debentures at par, according to a notice on Monday.
This is the bank’s first issue of subordinated financial debentures for 2022.
After five years and four months, subject to regulator’s approval, the issuer may redeem the debentures in whole at par plus accrued and unpaid interest if it has a post-redemption BIS above the legal requirement or is able to replace the debentures with equal or higher quality notes.
Bank SinoPac's Treasury & Deposit Operations Center is the payment agent.
Proceeds from the non-underwritten offering will be used to improve the issuer’s BIS ratio and provide mid/long term funding resources for business expansion.
Settlement will occur on March 28.
SinoPac is a Taipei, Taiwan-based banking and securities company.
| Issuer: | Bank SinoPac
|
| Amount: | NT$5 billion
|
| Issue: | Subordinated financial debentures, first issue 2022
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| Maturity: | Perpetual
|
| Underwriter: | None
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| Coupon: | 2%
|
| Price: | Par of NT$10 million
|
| Yield: | 2%
|
| Announcement date: | March 14
|
| Settlement date: | March 28
|
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