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OneSavings Bank plc - Interest Rate reset on th...
OneSavings Bank plc - Interest Rate reset on th....
About this update from Osb Group Plc
[{"type":"text","content":"\n \n \n OneSavings Bank plc - Interest Rate reset on the £22,000,000 Perpetual Subordinated Bonds\n \n \n \n LEI: 213800WTQKOQI8ELD692\n \n OneSavings Bank plc\n \n \n (the “Company”)\n \n \n Interest Rate reset on the £22,000,000 Perpetual Subordinated Bonds (the \"Bonds\") \n \n \n Key points:\n \n \n In accordance with the terms of the Bonds, the interest rate payable on the Bonds is subject to a resetting process from time to time, with the next reset becoming effective from and including 7 March 2021.\n Following the procedure set out in the terms of the Bonds, the interest rate has today been reset by the Company’s appointed Agent Bank, Peel Hunt LLP (\"Peel Hunt\").\n The revised rate of interest which shall be payable from and including 7 March 2021 is 3.4323%\n This rate will remain the effective rate payable on the Bonds until the next reset of interest rate, which is due to take effect on 7 March 2026.\n \n \n \n Interest Rate Reset \n \n \n The Company today announces the result of the interest resetting process applicable to its £22,000,000 Perpetual Subordinated Bonds.\n Under the terms of the Bonds, the interest rate is due to be reset with effect from 7 March 2021 and thereafter on each fifth anniversary of that date.\n The procedure for resetting the interest rates is set out in the terms and conditions of the Bonds and involves the Company's appointed Agent Bank fixing the rate by reference to the gross yield to redemption applicable on a Benchmark Gilt as chosen by the Agent Bank in accordance with the terms and conditions. Peel Hunt has been appointed as the Agent Bank for these purposes and chose the UK Treasury 0.125% 30 January 2026 as the Benchmark Gilt.\n Following the methodology set out in the terms and conditions of the Bonds, the Agent Bank has determined the Gross Redemption Yield applicable on the Benchmark Gilt to be 0.0323%. The terms and conditions of the Bonds require the interest rate on the Bonds to be set at the rate of 3.4% per annum plus the Gross Redemption Yield on the Benchmark Gilt. Accordingly, it has determined the new rate of interest as being 3.4323% per annum. This rate will apply to the Bonds from and including 7 March 2021.\n \n Enquiries:\n \n \n OneSavings Bank plc\n \n Alastair Pate &nb...