Cathay lifts off with benchmark lower tier 2 bond

JPMorgan takes its second Taiwanese bank to overseas investors.

Cathay United has priced Taiwan's first ever offshore lower tier 2 dollar denominated bond, raising $500 million from a 15 non-call 10-year step up bond deal via sole lead manager JPMorgan. The deal was launched through Cathay's offshore branch in order to circumvent Taiwan's 20% withholding tax regulation on coupon payments.

Cathay is the second ever Taiwanese bank to access the international sub debt market following Chinatrust's $500 million perpetual step-up ten deal earlier this...

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