Investing

Bank Of Queensland Ltd

Banks

Bank Of Queensland Ltd

Latest price

$ 101.01

  • ASX code
    YTMF08
  • Maturity date
    06-Nov-2019
  • Capital structure
    Senior Unsecured
  • Coupon type
    FLOATING
  • Coupon P.A
    BBSW + 1.07%
  • Issue Date
    06-Nov-2014
  • Next ex. distribution date
    27-Jul-2017
  • Next interest payment date
    07-Aug-2017
  • Payment frequency
    Quarterly

Issuer

Bank of Queensland Limited

Base Terms

Debt Instrument Programme dated 14 December 2012

Pricing Supplement

Dated 3 November 2014

Nature of the TDs

The Notes are direct, unsubordinated and unsecured obligations of the Issuer and will rank equally among themselves and at least equally with all other unsecured and unsubordinated obligations of the Issuer, except liabilities mandatorily preferred by law. 

Issue Size

A$ 475,000,000

Interest Rate

3 month Bank Bill Rate plus 1.07%, payable in arrears on 6 February, 6 May, 6 August and 6 November in each year, including the Maturity Date. 

TD 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 Interest Period.

Key Risks

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

  • Lack of liquidity - in the secondary market for the Notes;
  • 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 impact affect the Issuer’s financial performance;
  • 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 the Notes, or the Issuer fails to perform any obligation in relation to the Notes, such event or failure may impact on the value of an investment in the Notes, the transferability of the Notes and the ability of a holder to recover amounts due under the Notes

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.

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 Notes; 
  • 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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