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
Saxo Bank is a leading Fintech specialist and global multi-asset facilitator of capital markets products and services. Saxo enables private clients to trade more than 35,000 instruments from one single margin account.
Additionally, Saxo provides institutional clients such as banks and fintechs with Open Banking solutions from multi-asset execution, prime brokerage services to trading technology. Founded in 1992, Saxo Bank has embraced Open Banking from the beginning and is focused on helping clients and partners through win-win partnerships and product innovation.
Since launching its first online trading platform in 1998, Saxo Bank works to empower everyone to navigate their financial future by opening up access to trading and investment. The Saxo Group’s client assets total more than 45 billion euros, and the Group employs more than 2100 people in financial centres around the world including London, Singapore, Amsterdam, Shanghai, Hong Kong, Paris, Zurich, Dubai and Tokyo.For more information, please visit http://www.home.saxo.