The Ministry of Finance yesterday gave its approval to Cosmos Bank Taiwan's (
"This will be the nation's first-ever sale of bonds backed by cash-advance card loans to enter international markets," Huang Tien-mu (
The US$340 million deal, to be managed by Deutsche Bank, includes the issuance of US$255 million in beneficiary certificates to overseas investors, US$45 million in subordinate bonds to enhance the bank's credit and the remaining bonds to modulate the cash-advance card's future cash flows, which tend to fluctuate.
In light of its high spread of cash-card loans, the bank will be able to issue an additional US$35 million worth of bonds to designated local investors, Huang said.
The ministry, in a written statement, yesterday lauded the bank's sale to improve bank assets and reinforce its financial structure while upping its business competitiveness internationally.
Cosmos' executive vice president Shih Kung-liang (
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