By Marisa Wong
Morgantown, W.Va., March 31 – Cathay United Bank issued NT$15.1 billion of subordinated financial debentures in two tranches, according to a Taiwan Stock Exchange announcement.
Cathay United priced NT$2.4 billion of seven-year tranche A bonds and NT$12.7 billion of 10-year tranche B bonds at par.
The seven-year bonds have a coupon of 1˝%, and the 10-year bonds have a coupon of 1.85%.
This is the bank’s second issue of subordinated financial debentures for 2017.
The bank said it will use proceeds to finance its medium- and long-term funding needs and to strengthen its capital structure.
Cathay United is a wholly owned subsidiary of Cathay Financial Holding Co., Ltd. Cathay Financial is a Taipei, Taiwan-based holding company for insurance, securities, banking and other financial institutions.
| Issuer: | Cathay United Bank
|
| Issue: | Subordinated financial debentures
|
| Amount: | NT$15.1 billion
|
| Announcement date: | March 31
|
| Settlement date: | April 18
|
|
|
| Tranche A bonds
|
| Amount: | NT$2.4 billion
|
| Maturity: | April 18, 2024
|
| Coupon: | 1˝%
|
| Price: | Par
|
| Yield: | 1˝%
|
|
|
| Tranche B bonds
|
| Amount: | NT$12.7 billion
|
| Maturity: | April 18, 2027
|
| Coupon: | 1.85%
|
| Price: | Par
|
|
|
| Yield: | 1.85%
|
|
|
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