Taiwan’s O-Bank gets nod for 2022 issuance of senior, subordinated debentures

By Rebecca Melvin

Concord, N.H., Feb. 23 – O-Bank Co. Ltd.’s board approved the company’s 2022 issuance plan for up to NT$500 million of senior unsecured financial debentures and up to NT$2 billion of subordinated debentures, according to a company notice.

The tenor of the subordinated debentures will be at least five years, depending on market conditions, except in the case of perpetual non-cumulative subordinated financial debentures.

The securities will bear interest at either a fixed or floating rate, depending on the level of the market interest rate and the bank's funding conditions.

The proceeds will be used to meet long-term financing needs and develop new technology and products, with some debentures issued under sustainability mandates.

Formerly named Industrial Bank of Taiwan, O-Bank offers financial services and products and is based in Taipei, Taiwan.

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