Cathay Life issues first offshore dollar bond from a Taiwanese insurer
The $600m 10-year subordinated corporate bond was issued through a special purpose vehicle set up in Singapore.
Fransebas
July 02, 2024
Taiwan-headquartered Cathay Life Insurance announced that it had priced a $600 million 10-year tier 2 subordinated corporate bond issuance through its wholly owned subsidiary, Cathaylife Singapore.
The issuance was priced at a coupon rate 170 basis points above the US 10-year treasury yield at 5.95%, with an issuing interest rate at 5.988%.
Proceeds raised will be channelled to “strengthen Cathay Life’s financial structure and boost its capital adequacy”, according to a June 26 press release. The issuance was rated BBB by both SP Global and Fitch Ratings.
A spokesperson for Cathay Life Insurance confirmed to FinanceAsia that the bond will be issued...
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