KEB issues just in time

Korea Exchange Bank has re-opened Asia''s subordinated debt sector with a controversial but ultimately successful deal in difficult market circumstances.

Korea Exchange Bank KEB became Asia's first issuer to tap the international dollar bond markets in over two months this week when it launched a $200m upper tier 2 capital issue. Volatile and widening secondary market spreads, nervousness over US interest rate increases and equity market falls have all conspired to keep potential issues from the region on hold since Singapore Power last entered the international markets in mid April.

Timing of KEB's deal, however, has been dictated by a need to meet 10% bank capital requirements under the Korean Financial Supervisory Commission's FSC 'Forward Looking Criteria'. Consequently, as soon as US and European markets showed signs of ...

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