KEB sells $200 million 'Basel II' bond

The issue is expected to be South Korea’s last Basel II-compliant bond as the nation shifts towards adopting Basel III rules in December.

KEB sells $200 million 'Basel II' bond
KEB's bond has an initial price guidance of 235bp above Treasuries, according to a source.

Korea Exchange Bank KEB sold a $200 million 10-year Basel II-compliant Tier 2 subordinated note on Thursday as market conditions improved after the 16-day US government shutdown ended.

The bond with a coupon of 4.625% - is expected to be South Korea’s last Basel II-compliant bond as the nation shifts towards adopting Basel III rules in December.

It priced 30bp tighter than its initial price guidance of 235bp above Treasuries,...

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