Hana Bank sells aggressively priced floater

Hana Bank priced a $300 million three-year floating senior unsecured note issue on Monday after Kookmin sold a similar note a month earlier, pricing aggressively inside its curve as investors flocked to the rarely issued instrument.

The 144aReg S note had an initial price guidance of three-month dollar Libor plus 135bp but ended up pricing at the tight end of the lead managers' final guidance at 112.5bp above Libor, a source familiar with the matter said.

That compared with Hana’s existing 2016 floating rate note, which traded at a Z-spread of 120bp, and Kookmin’s, which traded at Libor plus 110bp at the time of pricing....