Saxo Bank issues new debt to optimize capital structure
On 19 November, Saxo Bank A/S has successfully issued EUR 60m Additional Tier 1 capital with a settlement date of 26 November 2019.
The Additional Tier 1 capital note is perpetual with an optional call after 5.5 years (PerpNC5.5). The Additional Tier 1 capital note is issued with a fixed interest coupon of 8.125% for the first 5.5 years. The book had strong interest from the outset and was well over-subscribed by c. 2.75x at time of closing, which helped improve the pricing terms of the offering versus initial guidance.
Saxo Bank’s Additional Tier 1 capital is issued to optimize the Bank’s long-term capital structure and to increase the coverage of regulatory requirements.
Latest Additional Tier 1 capital issue from Saxo Bank was in November 2014, where EUR 45m of Perpetual NC5.25 was issued with a fixed coupon of 9.75%.
Any questions in regards to this announcement may be addressed to
Steen Blaafalk, Chief Financial & Risk Officer, on tel. +45 39 77 42 68 or
Thomas Otendal, Head of Group Treasury, on tel. +45 39 77 41 70.
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.