pusan-bank-prices-200-million-lower-tiertwo-bond

Pusan Bank prices $200 million lower tier-two bond

Pusan Bank demonstrates that the skittish equity markets haven't scared away credit investors.
Pusan Bank yesterday priced a $200 million lower tier-two bond deal, ably demonstrating that credit investors are not too perturbed by the topsy-turvy equity markets.

The first bond deal to close after the market wobble last week, KoreaÆs leading regional lender printed a 10-year trade, callable after five years, that priced at 64 basis points over mid-swaps and which was executed in less than 12 hours to minimise execution risk.

KoreaÆs National Agricultural Cooperative FederationÆs NACF $440 million 2016-dated bonds were trading at a bidoffer spread of 4037 when Pusan Bank announced the deal. By the time Pusan's deal was priced, NACF's bonds had become considerably less liquid and were quoted at...
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