In a disclosure on Tuesday, the lender reported that its board of directors approved the planned issuance in its March 31 meeting.
Banks sell instruments like LTNCDs to raise capital without having to sell shares. The bank is obliged to redeem the face value of the certificate upon maturity and pay out periodic coupons or interest payments during the life of the deposit. Banks have until the end of 2020 to issue LTNCDs after monetary authorities set a moratorium on the capital-raising activity.
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