Reported 9 months ago
On June 26, 2024, Cathay Financial Holdings announced the completion of a 10-year, $600 million subordinated corporate bond issuance priced at T10+170 basis points with a yield of 5.988%, rated BBB+/BBB+ (S&P/Fitch). The issuance exceeded the expected $500 million size, with a subscription rate of about three times. This marks the first USD bond issuance in the international bond market for the Taiwanese insurance industry and will help Cathay Life enhance its capital and capital adequacy ratio. The structure of the bond issuance involves Cathaylife Singapore Pte. Ltd. as the issuer and Cathay Life as the guarantor, providing unconditional, irrevocable guarantee for full repayment of principal and interest at maturity.
Source: YAHOO