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 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.