5 LT 2 sub-debt 144A/Reg S offering

Chinese translation: 10年期債券5年內不可贖 LT-2 (低二级) 次級債券

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

English term or phrase:	10-year non-call 5 LT 2 sub-debt
Chinese translation:	10年期債券5年內不可贖 LT-2 (低二级) 次級債券
Entered by:	Linda Chen

08:09 Feb 18, 2009

English to Chinese translations [PRO]
Bus/Financial - Finance (general)

English term or phrase: 5 LT 2 sub-debt 144A/Reg S offering

The context:
On Tuesday, March 9, 2004, CSFB acted as joint bookrunner on Industrial Bank of Korea’s (“IBK”) debut US$300 million 10-year non-call 5 LT 2 sub-debt 144A/Reg S offering.

I know 144A/Reg S is a regulation. Can anyone help me with the relation between CSFB and IBK, and what does "5 LT 2 sub-debt" mean?

Linda Chen KudoZ activity Questions: 8 (none open) Answers: 6
Local time: 16:07

10年期債券5年內不可贖 LT-2 (低二级) 次級債券

Explanation:

1. 10-Year Non-call 5 應為 10-Year Non-call 5 YEARS （10年期債券5年內不可贖）之意。
2. LT-2 則為 Lower Tier 2 （低二級）之縮寫，但一般習慣還是以 LT-2 稱之。
3. CSFB (Credit Suisse First Boston,瑞士信貸第一波士頓銀行) 與 IBK (Industrial Bank of Korea, 韓國工業銀行) 的關係應該就是 CSFB 擔任 IBK 首次發行10年期債券5年內不可贖低二级次級債券 (144A/Reg S)的联合账簿管理人 (joint-bookrunner)。

請參考以下資料:

“Call protection limits the ability of the issuer to call the paper for redemption. Typically, this is half of the term of the bonds. For example, 10-year paper will carry five years of call protection, and eight-year bonds cannot be called for four years. None of this is set in stone, however, and often these terms are negotiated amid the underwriting process. Thus, the market sometimes sees seven-year (non-call 3) paper or eight-year (non-call 5) bonds.” http://www.lcdcomps.com/press/hyprimer.pdf ”Source: 2007 Standard & Poor’s

“為消除（部分消除）次級債券非資本處理帶來的額外成本，市場上較為通用的次級債券工具結構為10年期債券5年內不可贖（10-Year Non-call 5-Year）…具體情況為：10年期債券，前5年發行銀行不得贖回，前5年結束後，銀行有權購回該次級債券。如果屆時銀行放棄行使該權利，則在其餘5年內，銀行須對次級債券持有者支付較原定利率更高的票息。”
《MBA 智庫百科》
http://wiki.mbalib.com/w/index.php?title=次级债券&variant=zh-tw

“按照资本属性的高低，国际性银行的二级资本结构往往被细分为两个部分:高二级(英文为Upper Tier Ⅱ，简称为UT2)与低二级(英文为Lower Tier Ⅱ,简称为LT2);前者具有较后者更强的资本属性。”来源：《当代金融家》作者：唐斌陈航
http://news.chinabyte.com/93/2576593.shtml

「Lower Tier 2，以下簡稱LT2 (主要指長期次順位債券、非永續特別股)到期日通常為五年以上，且到期日前最後五年每年至少必須每年攤還20%以上，不可遞延付息。LT2對銀行優點而言為發行程序較UT2簡單且便宜。」《玉山銀行雙月刊文集》
http://www.esunbank.com.tw/about/793.essay

“…今年11月，花旗集团出任了中国网通11亿美元首次公开发行股票(IPO)的全球联合账簿管理人 (joint-bookrunner) …”
http://www.njfiw.gov.cn/article.htm1?id=2824

Selected response from:

Shirley Chen
United States
Local time: 03:07

Grading comment

Thank you very much!
4 KudoZ points were awarded for this answer

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4 +2

10年期債券5年內不可贖 LT-2 (低二级) 次級債券

Shirley Chen

Answers

1 hr confidence:

peer agreement (net): +2

5 lt 2 sub-debt

10年期債券5年內不可贖 LT-2 (低二级) 次級債券

Shirley Chen
United States
Local time: 03:07
Specializes in field
Native speaker of:

Chinese
PRO pts in category: 57

Grading comment

Thank you very much!

Notes to answerer

Asker: Thank you for the thorough explanations! :)

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5 LT 2 sub-debt 144A/Reg S offering

Chinese translation: 10年期債券5年內不可贖 LT-2 (低二级) 次級債券

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5 LT 2 sub-debt 144A/Reg S offering

Chinese translation: 10年期債券5年內不可贖 LT-2 (低二级) 次級債券

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