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Southland Building Society issues Tier 2 capital bonds

Southland Building Society issued Tier 2 subordinated bonds.

The bank said Oct. 2 that the fixed-rate bonds carry a coupon of 6.75% and have a tenor of 10 years with a call option after five years.

The subordinated redeemable bonds have a loss-absorbing feature attached and will qualify as Tier 2 capital for the bank.