Saxo Bank Issues Tier 1 Capital of EUR 42.5m.
Saxo Bank, the global online trading and investment specialist, has announced that it has issued additional tier 1 capital under the CRD IV and CRR regulation. The issued amount is EUR 42.5 million (approx. DKK 317 million).
The issuance is a perpetual with first call at 26/02-2020 and the coupon has been fixed at 9.75% until first call date, with semi-annual interest payments and an issue price of 100.00%.
The bond will be listed on the Irish Stock Exchange.
Steen Blaafalk, Group Chief Financial & Risk Officer of Saxo Bank, says:
“Saxo Bank has seized an opportunity to meet forthcoming capital requirements and is better equipped to achieve our ambitious goals and strengthen our market position further”.
The Bank’s regulatory capital ratio will be 17.5% as of Q3 2014 pro-forma. The solvency need Q3 2014 is 12.4%.
Saxo Bank udsteder kernekapital for 317 mio. kr.
Saxo Bank, der specialiserer sig i online handel og investering, udsteder hybrid kernekapital i form af Additional Tier 1 Capital i overensstemmelse med CRD 4- og CRR-regulativerne. Udstedelsen er på 42,5 mio. euro, svarende til ca. 317 mio. kr.
Obligationen er uden udløbsdato med første kald 26/02-2020 og med en fast rente på 9,75 pct. indtil første kald. Der er halvårlig rentebetaling og en udstedelseskurs på 100 pct.
Obligationsudstedelsen vil blive optaget til notering på Irish Stock Exchange.
Steen Blaafalk, direktør i Saxo Bank, siger:
”Saxo Bank har udnyttet en mulighed for at møde kommende kapitalkrav og står samtidig stærkere rustet til at opnå vores ambitiøse mål og yderligere styrke vores markedsposition.”
Bankens solvensprocent udgør herefter 17,5 pct. pr. Q3 2014 pro-forma. Kapitalkravet Q3 2014 er 12,4 pct.
Saxo Bank Group (Saxo) is a leading Fintech specialist focused on multi-asset trading and investment and delivering ‘Banking-as-a-Service’ to wholesale clients.
For 25 years, Saxo’s mission has been to democratize investment and trading, enabling clients by facilitating their seamless access to global capital markets through technology and expertise.
As a fully licensed and regulated bank, Saxo enables its direct clients to trade multiple asset classes across global financial markets from one single margin account and across multiple devices. Additionally, Saxo provides wholesale institutional clients such as banks and brokers with multi-asset execution, prime brokerage services and trading technology, supporting the full value chain delivering Banking-as-a-Service (BaaS).
Saxo’s award winning trading platforms are available in more than 20 languages and form the technology backbone of more than 100 financial institutions worldwide.
Founded in 1992 and launching its first online trading platform in 1998, Saxo Bank was a Fintech even before the term was created. Headquartered in Copenhagen Saxo today employs more than 1500 people in financial centers around the world including London, Paris, Zurich, Dubai, Singapore, Shanghai, Hong Kong and Tokyo.