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Fitch: Dah Sing Bank to raise US$225M in debt issue


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Fitch: Dah Sing Bank to raise US$225M in debt issue

Dah Sing Bank Ltd. is set to issue Basel III-compliant Tier 2 subordinated notes on Jan. 15 to raise US$225 million, Fitch Ratings said.

The 10-year notes will be issued under the bank's US$2 billion euro medium-term note program. They will be callable after five years and semiannually thereafter. They will carry a fixed interest rate of 5% per annum up to the first call date and reset semiannually thereafter, with the interest rate based on the five-year U.S. Treasury rate plus 255 basis points.

The bank will use proceeds from the issuance to replace current obligations that will become callable in January.

Dah Sing Bank is a unit of Dah Sing Banking Group Ltd.