Shinhan bond flies behind FOMC doves

Strong reception as Korea's most profitable bank launches its first Basel III bond.
Credit flies as FOMC slows rate hikes
Credit flies as FOMC slows rate hikes

Korea's most profitable bank executed its first Basel III-compliant bond on Thursday, receiving an extremely strong reception from investors due to its rarity value and dovish comments from the FOMC one day earlier. 

Bankers said the order book peaked around $5 billion and closed at $3 billion with investors seeking to ride the improving credit market backdrop and get access to Korea's most sought-after banking credit.

The capping of the issue size at $500 million also helped spur demand from the outset.

A lot of real money accounts came into the order book very quickly, said one banker. All the Korean banking...

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