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First Commercial Bank to issue NT$7B of bonds

Taiwan's First Commercial Bank Co. Ltd. plans to issue NT$7 billion of perpetual noncumulative subordinated financial bonds.

The bonds were priced with coupon rate of 2.36% and will be issued Sept. 25.

Proceeds from the issuance will be used to stabilize the bank's BIS ratio, enhance its long-term capital and prepare for future business developments.

Fubon Securities, Mega Securities, Masterlink Securities and President Securities are underwriters for the issuance.

First Commercial Bank is a unit of First Financial Holding Co. Ltd.

As of Sept. 10, US$1 was equivalent to NT$30.85.