Shinsei Bank, Limited, (“Shinsei”) had completed a partial repurchase (using available cash) and cancellation of U.S. dollar-denominated non-cumulative perpetual preferred securities, issued by two of its wholly owned Cayman Islands finance subsidiaries, in the aggregate issue amount of USD 221 million.
The two issues of Tier I preferred securities repurchased in part by Shinsei related to this transaction have recently been trading at a significant discount to their original issue price. The completion of this transaction resulted in an increase in retained earnings.
The repurchased preferred securities include:
•USD 100 million of step-up non-cumulative perpetual preferred securities, issued in February 2006 at 6.418%, issue price USD 1,000 per preferred security, of Shinsei Finance (Cayman) Limited; and
•USD 121 million of non-cumulative perpetual preferred securities, issued in March 2006 at 7.160%, issue price USD 1,000 per preferred security, of Shinsei Finance II (Cayman) Limited.
The repurchased preferred securities listed on the Singapore Exchange were purchased in open-market transactions.
D.C.