Fitch rates Chinatrust Commercial bonds AA(twn)

Fitch Ratings said it assigned a national long-term rating of AA(twn) to Chinatrust Commercial Bank's upcoming NT$12.9 billion of subordinated bonds.

The bank's subordinated bonds are issued through two tranches: A seven-year NT$8.9 billion tranche with a fixed-coupon f 1.8% due Sept. 27, 2018; and a 10-year NT$4 billion tranche with a floating-coupon rate due on Sept. 27, 2021.

The proceeds will be used to replace outstanding debt with higher coupon rates.

These subordinated bonds are rated a notch below the bank's national long-term rating of AA+(twn), which has a stable outlook, Fitch said.

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