Shinhan shines

Big order book for rare hybrid deal.

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.

The deal attracted a mammoth order book of $3.2 billion and participation from 150 accounts, of which more than 100 were allocated paper. Pricing was tightened in from initial guidance of 145bp over Treasuries, but even at the final issue price, most observers believed there was considerable scope for further tightening during secondary market trading.

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