Chicago, Nov. 30 – Luso International Banking Ltd. sold HK$1.45 billion of undated supplementary capital bonds at par, according to a bank document.
Distributions start at 7½% per year. The rate will reset to Treasuries plus 361.63 basis points. The first reset date is Nov. 29, 2027. Reset dates will occur on five-year anniversaries.
The notes can be redeemed on the first call date and then on any distribution payment date going forward, at par plus unpaid dividends.
The joint global coordinators, joint bookrunners and joint lead managers are Luso Bank Ltd., Bank of China Macau Branch and ICBC (Macau).
The joint bookrunners and joint lead managers are China Industrial Securities International and TF International.
Proceeds will be used to replenish the issuer’s supplementary capital.
The bank is a full-service bank, which operates primarily in Macau.
| Issuer: | Luso International Banking Ltd.
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| Amount: | HK$1.45 billion
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| Issue: | Supplementary capital bonds
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| Maturity: | Perpetual
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| Bookrunners: | Luso Bank Ltd., Bank of China Macau Branch, ICBC (Macau), China Industrial Securities International and TF International
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| Trustee: | Bank of China Ltd., Macau Branch
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| Counsel to issuer: | Clifford Chance, Jorge Neto Valente, Advogados e Notarios Privados
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| Counsel to underwriters: | Linklaters, MdME Lawyers, King & Wood Mallesons
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| Coupon: | 7½% starting rate; resets to Treasuries plus 361.63 bps
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| Price: | Par
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| Yield: | 7½%
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| Call features: | At par on Nov. 29, 2027 and then on any distribution payment date going forward
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| Trade date: | Nov. 24
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| Settlement date: | Nov. 29
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| Distribution: | Regulation S
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| ISIN: | MO0000000147
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