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Hua Nan Commercial Bank to raise NT$6B in debt issue

Hua Nan Financial Holdings Co. Ltd. unit Hua Nan Commercial Bank Ltd. plans to raise NT$6 billion through the issuance of perpetual subordinated financial debentures.

Proceeds from the issuance will be used to obtain long-term and stable funding as well as to improve the capital structure. The coupon will be determined by market conditions.

The company said Jan. 23 that the noncumulative debentures will be issued all at once or at different times as needed after getting approval from the Financial Supervisory Commission. The branches of Hua Nan Commercial Bank will act as agent for payment of the principal and interest.

As of Jan. 24, US$1 was equivalent to NT$31.35.