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Taichung Commercial Bank to raise NT$2.65B in debt issue

Taiwan's Taichung Commercial Bank Co. Ltd. plans to raise NT$2.65 billion through the issuance of noncumulative subordinated debentures.

The perpetual debentures will be issued Dec. 27 and will carry a coupon of the benchmark rate plus 3.08%, according to a Dec. 15 filing.

Proceeds raised from the issuance will be used to boost the bank's capital structure and improve its capital adequacy ratios.

As of Dec. 15, US$1 was equivalent to NT$29.96.