Hana starts roadshows for tier 1 deal

Hana Bank wins the race to become the first Korean bank to issue a hybrid security with presentations starting today in Hong Kong.

Roadshows for a $300 million tier one preferred securities transaction TOPS start today Tuesday in Hong Kong, moving to Singapore on Wednesday and London on Thursday, with pricing scheduled for either later that day or Friday. JPMorgan is global co-ordinator of the perpetual step-up 10 offering with Barclays as joint bookrunner. Fees total 1.3%

The deal follows a Won400 billion $300 million upper tier 2 transaction, which was priced just over a week ago. The 10 non-call five deal was placed domestically by Hana Securities, JPMorgan and Morgan Stanley at a blended yield of 7.49%, equating to about 200bp over on a dollar Libor basis.

Both deals have been prompted by Hana Bank's...

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