Hana Bank sells aggressively priced floater

The Seoul-based financial group follows Kookmin’s footsteps in issuing a floating rate note, pricing it deep into its existing credit curve.
Hana Bank’s floater outperformed in the secondary markets, tightening to three-month Libor plus 109bp.
Hana Bank’s floater outperformed in the secondary markets, tightening to three-month Libor plus 109bp.

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....

¬ 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