Board Resolves to Redeem Cathay Life's 2016 Series 1 Perpetual Non-Cumulative Subordinated Bonds
Original: 代子公司國泰人壽公告董事會決議，擬經主管機關同意後， 贖回國泰人壽保險股份有限公司105年第一期無到期日 非累積次順位債券
Summary
Cathay Financial Holdings announced, on behalf of subsidiary Cathay Life Insurance, that the board has resolved to redeem the First Series of Perpetual Non-Cumulative Subordinated Bonds issued by Cathay Life in ROC Year 105 (2016), pending approval from the competent regulatory authority (FSC). The redemption would reduce the perpetual subordinated debt outstanding at the subsidiary level, directly affecting capital structure and the regulatory capital position of Cathay Life. Full body available on MOPS.
Full Translation
On behalf of subsidiary Cathay Life Insurance Co., Ltd., Cathay Financial Holdings hereby announces a Board of Directors resolution: subject to the approval of the competent authority (Financial Supervisory Commission), Cathay Life Insurance intends to redeem its ROC Year 105 (2016) First Series Perpetual Non-Cumulative Subordinated Bonds. [Interpretive context: Perpetual non-cumulative subordinated bonds of this type are commonly structured as regulatory capital instruments (analogous to Additional Tier 1 or Tier 2 capital) for Taiwanese insurers. An early redemption/call requires prior FSC consent. Bondholders of this specific issuance would receive principal repayment upon completion of the redemption process.] [Body not available — subject line only. See MOPS for full announcement.]