hana-bank-issues-1-billion-threeyear-bond

Hana Bank issues $1 billion three-year bond

The Korean lender is the first to attach a government guarantee to a bond issue, ensuring tight pricing and strong demand for the global offering.

Hana Bank, South Korea's fourth biggest lender, raised $1 billion through the sale of three-year government-guaranteed bonds yesterday. It is the first Korean bank to tap the $100 billion debt support programme set up by the government last October.

The bonds pay a coupon of 6.50% and were reoffered at 99.555 for a yield of 6.666%. That translated into a yield spread of 490bp over mid-swaps, or 542.6bp over three-year US Treasury yields.

Initial price talk had indicated at a spread of 530bp over mid-swaps, which tightened to 500bp-525bp during this week's roadshow. As the lead managers prepared to close the books, the range was tightened even further to 495bp-500bp over mid-swaps.

...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222