Korean credit card company, Shinhan Card, sold $400 million worth of senior unsecured notes for the first time last night, pricing at the tight end of guidance set between 50bp and 55bp over Libor. The Reg-S, BBBBBB Standard and PoorÆs Fitch five-year FRN closed at par with a coupon of 50bp over three-month Libor, which bankers believe will allow for healthy performance in the secondary market.
ABN AMRO, Bank of America, BNP Paribas and Goldman Sachs managed the deal.
73% of the bonds sold to Asia, and 27% to Europe. 73% were allocated to banks, 20% were allocated to funds, and 7% to official institutions unspecified. The transaction generated over $1.1 billion...
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