Happy hour for Hana

Hana sets records with the largest and tightest international bond from the Korean commercial banking sector.

Successfully riding a wave of positive sentiment towards the Korean banking sector, Hana concluded its debut fixed rate bond deal yesterday Thursday. At $600 million, the deal's issue size beats Woori Bank's previous $500 million record and at 123bp, its spread to Treasuries surpasses an IBK bond that priced in June last year at 136bp over.

Final terms were far more aggressive than anyone could have imagined a month ago and the timing could hardly have been better. Citigroup's acquisition of Koram has prompted a re-rating of the entire Korean banking sector, with the better-managed banks all benefiting from renewed investor interest and tightening spreads.

At the beginning of the...

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