Shinhan shines

Shinhan Bank launched a debut hybrid tier 1 deal yesterday (February 23) raising $300 million via Barclays, BNP Paribas and Merrill Lynch. The extendible 30-year, with a call option in year 10, was priced at par on a coupon of 5.663% to yield 138bp over Treasuries or 99bp over Libor. Fees are 75bp.