Shinhan completes bond deal

The Korean bank''s second capital markets transaction since 1997 is finally priced after a three day delay.

Joint leads ABN AMRO, BNP Paribas and UBS Warburg priced a $200 million three-year fixed rate bond issue for the Baa1BBB rated credit last night Tuesday. With a semi-annual coupon of 4%, Shinhan's deal has set a new post crisis record for the Asian fixed rate sector and beaten the previous record holder - KDB - which launched a 5.25% November 2006 transaction late last year.

Pricing of the new deal was finalised at 99.659% to yield 168.8bp over two-year Treasuries or 63bp over Libor. In Treasury terms, pricing is wider than the original pre-marketed range around the 155bp to 160bp level. However, this is a reflection of collapsing equity markets...

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