Saxo Bank issues new debt to refinance maturing debt and optimise capital
Saxo Bank A/S has successfully issued EUR 100m subordinated Tier 2 bonds under the EMTN program with a settlement date of 3 July 2019. The book was well over-subscribed and led to an increase of the issuance amount from 75m EUR to 100m EUR.
The Tier 2 issue has a 10 year maturity date but with an optional call after 5 years (10NC5). The Tier 2 subordinated note is issued with annual fixed interest coupon of 5.5% for the first 5 years.
Saxo has issued Tier 2 debt to optimize the Bank’s capital structure and long term capital planning
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