Pusan pulls off bond deal despite volatility

The Korean bank succeeds in raising $250 million even after the markets turn south.

KoreaÆs Pusan Bank priced a $250 million 10-year non-call-five lower tier-2 bond on Thursday, closing the deal rated A3BBB by MoodyÆs and Fitch at 140bp over mid-swaps, or 204.5 over Treasuries. The transaction generated an order book of $400 million following a roadshow in Hong Kong and Singapore.

The deal, managed by Citi, Korea Development Bank and UBS, was announced in a relatively stable market on the Thursday of the previous week. However, the equities sell-off on Friday...

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