Chinatrust breaks new ground

The Taiwanese bank becomes the first to attempt on offshore bond with a complex cumulative perpetual subordinated issue.

Chinatrust Commercial Bank of Taiwan yesterday announced that it is to go to the international capital markets for the first time and launch its inaugural dollar bond. The bank is seeking a minimum of $300 million of upper tier two capital.

The bonds will have a perpetual maturity with a call at year ten. If the bonds aren't called there will be a 100bp step up and the interest will switch from fixed rate to floating....

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