KorAm's sub debt hat trick

The Korean bank returns to the dollar denominated sub debt sector for the third time.

KorAm Bank priced a $165 million lower tier 2 offering via Citigroup yesterday Wednesday. The deal was launched without any formal marketing, including conference calls with the issuer, but nevertheless managed to draw a wider investor base than September 2002 when the bank last tapped the sector, also via Citi.

Priced at par with a coupon of 4.68%, the ten non-call five deal had a launch spread of 260bp over Treasuries. At this level, it came about 10bp through its existing deal on a like-for-like basis, although traders say that the latter is almost totally illiquid. Launched in September 2002, KorAm's outstanding 5.64% September 2007 issue is currently bid at...

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