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Taiwan’s Cathay United plans NT$30 billion more debentures for 2014
By Marisa Wong
Madison, Wis., Aug. 27 – Cathay United Bank plans to issue NT$30 billion of subordinated financial debentures, according to a Taiwan Stock Exchange announcement.
Of the total amount, up to NT$20 billion will be non-cumulative perpetual subordinated debentures. The remainder will be long-term debentures with maturities of seven to 20 years.
The debentures, which may be denominated in foreign currencies, will be issued at par with fixed or floating coupons.
This is the bank’s second planned issue of debentures for 2014. The bank previously proposed and issued NT$15 billion of seven-, 10-year debentures at par to yield 1.7% and 1.85%.
The bank’s board of directors approved the latest proposal on Wednesday.
The bank said it will use proceeds to finance its medium- and long-term funding needs, to increase its funding sources through flexible fund management strategies and to improve its capital adequacy.
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.
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