Shinsei passes up option to call step-up notes due 2016 on Feb. 23

By Marisa Wong

Madison, Wis., Jan. 20 - Shinsei Bank, Ltd. said it decided to forgo the call option for early redemption of its €1 billion of lower-tier II euro-denominated step-up callable subordinated notes due 2016 on Feb. 23, the first call date.

The bank said it made its decision after taking into account the market environment, the terms of the notes after forgoing the early call option and results of the exchange offers for the notes in September.

The bank may still call the notes on any quarterly interest payment after Feb. 23, subject to approval from the Financial Services Agency of Japan.

As of Jan. 19, €200,364,000 of the notes remains outstanding.

The notes have a fixed coupon of 3.75% through February. After that, interest will accrue at Euribor plus 195 basis points.

Shinsei is a Tokyo-based bank.

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