Investing

Bank Of Queensland Ltd

Banks

Bank Of Queensland Ltd

Latest price

$ 100.92

  • ASX code
    YTMF03
  • Maturity date
    12-Jun-2018
  • Capital structure
    Senior Unsecured
  • Coupon type
    FLOATING
  • Coupon P.A
    BBSW + 1.00%
  • Issue Date
    12-Jun-2014
  • Next ex. distribution date
    01-Dec-2017
  • Next interest payment date
    12-Dec-2017
  • Payment frequency
    Quarterly

Issuer

Bank of Queensland Limited

Base terms

Debt Instrument Programme dated 14 December 2012    

Pricing supplement

Dated 10 June 2014    

Nature of the TDs

The Transferable Deposits are direct, unsubordinated and unsecured deposit liabilities, ranking equally with all other deposit liabilities of the Issuer and will rank at least equally with all other unsecured and unsubordinated obligations of the Issuer, except liabilities mandatorily preferred by law. The Transferable Deposits rank senior to the Issuer’s subordinated obligations.

Issue Size

A$300,000,000

Interest Rate

3 Month BBSW + 1.00%, payable in arrears on 12 March, 12 June, 12 September and 12 December in each year, including the Maturity Date.

Reset Dates

12 March, 12 June, 12 September and 12 December.

Reference Rate

3 Month BBSW

Interest Margin

1.00%

Denomination

A$10,000

Repayment at Par on the Maturity Date

On the Maturity Date, holders are scheduled to receive the Face Value and the final Coupon Payment for the last Coupon Period.

Key Benefits

Key benefits include:

  • interest paid quarterly in arrears;
  • interest paid is floating rate;
  • interest paid as 100% cash;
  • interest is not deferrable nor are interest payments discretionary;
  • rank equally with all other senior and unsecured creditors of the Issuer.

Key Risks

The value of an investment in BOQ Transferable Deposits may fluctuate due to various factors, including investor perceptions, worldwide economic conditions, interest rates, debt market conditions and factors that may affect BOQ’s financial performance. The following risks may also affect an investment in BOQ Transferable Deposits:

  • Lack of liquidity – in the secondary market for BOQ Transferable Deposits;
  • Interest rate risks – holders may suffer unforeseen losses due to fluctuations in interest rates;
  • Regulatory risks – The banking industry in Australia is highly regulated, and regulatory changes may adversely affect BOQ’s financial performance;
  • Banking Act - The Transferable Deposits constitute direct, unsubordinated and unsecured deposit liabilities of the Issuer, ranking pari passu with all other deposit liabilities of the Issuer, however, they are not protected accounts within the meaning of the Banking Act 1959, as such there will likely be significant liabilities of the Issuer that are mandatorily preferred;
  • Litigation risks – Risks relating to litigation and regulatory actions;
  • Operational risks – The risk of loss resulting from inadequate internal processes and controls, people and systems or from external events;
  • Default risk – if an event of default occurs under the Transferable Deposits, or BOQ fails to perform any obligation in relation to the TDs, such event or failure may impact on the value of an investment in the TDs, the transferability of the Transferable Deposits and the ability of a holder to recover amounts due under the Transferable Deposits.

Early redemption by Issuer

Yes, for tax reasons

Events of default

Events of Default include:

  • Payment Default: Applicable, with a 5 day cure period for principal and interest payments
  • Breach of other obligations: Applicable, with a 14 day cure period;
  • Unlawfulness: It becomes unlawful for the Issuer to perform or comply with any one or more of its obligations under the Transferable Deposits;
  • Insolvency / Winding Up: Applicable;
  • Enforcement against assets: Applicable, with a cure period of 21 days;
  • Enforcement of security: Applicable, with a cure period of 14 days

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