Taiwan’s Cathay Life Insurance to sell up to NT$15 billion perpetuals

By Sarah Lizee

Olympia, Wash., May 14 – Cathay Financial Holding Co., Ltd. announced that Cathay Life Insurance Co. plans to issue NT$15 billion of perpetual cumulative subordinated corporate bonds at par.

The bonds will be issued under the company’s 2019 plan, with the total amount per issue to be determined based on business needs.

The bonds may be redeemed after 10 years from the issue date.

Cathay Securities Co., Ltd. is the underwriter.

Proceeds will be used to strengthen working capital and financial structure, and to increase the risk-based capital ratio.

Cathay is a holding company for insurance, securities, banking and other financial institutions.

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