Jyske tenders for two series of capped fixed-to-floating perpetuals at 75

By Susanna Moon

Chicago, March 4 - Jyske Bank A/S said it began a tender offer for its original €100 million of perpetual capped fixed-to-floating capital securities and its €125 million of perpetual capped fixed-to-floating capital securities.

The first series of perpetuals has an initial call date of Sept. 16, 2015 with €77,229,000 outstanding, and the other series of perpetuals has an initial call date of July 5, 2014 with €97,771,000 outstanding.

The purchase price will be €750 per €1,000 in principal amount plus accrued interest.

The offer is part of Jyske's aim to improve the company's capital position by increasing common equity tier 1 and it also provides investors with a "new opportunity to monetize their investments at the relevant repurchase price," according to a company press release.

Tender instructions must be submitted for a minimum of €1,000 par amount and in integral multiples of €1,000 after that.

The offer will end on March 21 with settlement set for March 26.

The dealer manager is BNP Paribas (44 0 20 7595 8668, attn. liability management group, or email liability.management@bnpparibas.com). The tender agent is Lucid Issuer Services Ltd. (44 0 20 7704 0880, attn. Paul Kamminga, or email jyske@lucid-is.com).

The issuer is a Silkeborg, Denmark-based commercial bank.

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