Shinhan Bank sells benchmark $700 million bond

Following on from Kexim’s successful issue last week, Shinhan Bank comes to market with a tightly priced 5.5-year security.

Shinhan Bank sold a benchmark $700 million 5.5-year bond early Tuesday morning. The 144AReg-S senior unsecured deal was issued under the Korean bank's existing $6 billion global medium-term note programme and carries a 4.375% fixed-rate coupon.

The bonds priced through the Shinhan curve with a price of 99.840 and a yield of 4.408%. Initial guidance had been set at 215bp to 225bp over the equivalent US Treasury yield. This was revised to between 205bp and 215bp at the end...

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