Shinhan Bank sold a benchmark $700 million 5.5-year bond early Tuesday morning. The 144A/Reg-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 of Asian trading on Monday. In the end, the bonds were issued at the tight end of guidance with a spread of 205bp, which translated into a spread over mid-swaps of 158.5bp. The bonds will mature on September 15, 2015.
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