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Hua Nan Commercial Bank to issue NT$3.2B of bonds

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Hua Nan Commercial Bank to issue NT$3.2B of bonds

Hua Nan Financial Holdings Co. Ltd. unit Hua Nan Commercial Bank Ltd. plans to issue NT$3.2 billion worth of subordinated financial bonds.

The perpetual bonds were priced with a coupon of 2.70%, according to a Feb. 7 release.

The bonds will be issued on Feb. 26. The bank may redeem the bonds five years and three months after the issuance, subject to certain conditions and regulatory approval.

The bank plans to use proceeds from the issuance to improve its capital structure.

As of Feb. 7, US$1 was equivalent to NT$29.24.