Shinhan brings equity deal: Hana hopes to follow

Shinhan boosts tier 1 capital through innovative placement, but Hana may lose its chance as KDIC prepares to sell a stake in the bank itself.

Morgan Stanley broke new ground and records yesterday Tuesday with the completion of an accelerated $533 million block trade for Shinhan Bank. Where previously international Korean equity deals have used ADR or GDR formats, this one was structured as a domestic placement and represents the largest on record.

Domestic placements have traditionally been few and far between in Korea because of the country's onerous rules on crossing shares. Shares can only be crossed subject to a maximum pricing discount to spot of 7%. Yesterday's whole trade also needed to be crossed from the seller Shinhan via the agent Morgan Stanley to the 80 strong order book within a 50 minute window before the...

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