RFP issued for Korea's first hybrid tier 1 deal

Korea Exchange Bank (KEB) has issued the country''s first RFP for a hybrid tier 1 issue, joining Hana Bank, which is already planning a deal via Morgan Stanley.

A Request For Proposals RFP went out yesterday Thursday for a $200 million deal that if successful will mark the world's first hybrid tier 1 issue by a non-investment grade rated credit. KEB is just one of many Korean banks contemplating tier 1 issues. Hana, for example, is already said to be tied up with Morgan Stanley and Hanvit, Kookmin and Koram are also said to be keen to follow.

But a deal from KEB faces a number of challenges not least of which is a lack of domestic regulations. A number of banks including Hanvit and Koram have previously examined the feasibility of hybrids, but until a couple of months ago, the FSS Financial...

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