shinhan-card-prices-400-million-frn

Shinhan Card prices $400 million FRN

The deal proves an easy sell to investors, pricing at levels that bankers believe will allow for healthy secondary market performance.
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...
¬ Haymarket Media Limited. All rights reserved.

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