Saxo Bank Raises €42.5 Million in Corporate Bond Issue, Lifts Tier 1 Capital
- Saxo Bank deploys a timely bond issue to the tune of €42.5 million thereby raising its regulatory capital ratio to 17.5%, well clear of the 12.4% stipulated in CRR/CRD requirements.
Saxo Bank, the Denmark-based multi-asset brokerage, has conducted a corporate bond issue to be listed on the Irish Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term.
The issuance raises €42.5 million ($54 million) and bolsters the company’s Tier 1 capital ratio under the European capital requirement rule (CRR) and capital requirement directive (CRD), now in its fourth iteration.
The new issuance is a perpetual with a first call at 26/02-2020; with the coupon being fixed at 9.75% until first call date, with semi-annual interest Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and an issue price of 100.00%.
Steen Blaafalk, Group Chief Financial & Risk Officer of Saxo Bank, said, “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, within the required solvency threshold of 12.4%.
In other developments: Just yesterday, Saxo Bank won the 'Best FX Broker' award at the Forex Magnates Summit in London. Head of International Communications at Saxo Bank, Kasper Elbjørn, commented on the achievement by saying, "Winning the Best FX broker award here today is a proud and humble moment for us."
Earlier this month Saxo Bank published strong trading volume figures for October totalling $392 billion.
Saxo Bank, the Denmark-based multi-asset brokerage, has conducted a corporate bond issue to be listed on the Irish Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term.
The issuance raises €42.5 million ($54 million) and bolsters the company’s Tier 1 capital ratio under the European capital requirement rule (CRR) and capital requirement directive (CRD), now in its fourth iteration.
The new issuance is a perpetual with a first call at 26/02-2020; with the coupon being fixed at 9.75% until first call date, with semi-annual interest Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and an issue price of 100.00%.
Steen Blaafalk, Group Chief Financial & Risk Officer of Saxo Bank, said, “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, within the required solvency threshold of 12.4%.
In other developments: Just yesterday, Saxo Bank won the 'Best FX Broker' award at the Forex Magnates Summit in London. Head of International Communications at Saxo Bank, Kasper Elbjørn, commented on the achievement by saying, "Winning the Best FX broker award here today is a proud and humble moment for us."
Earlier this month Saxo Bank published strong trading volume figures for October totalling $392 billion.