Woori Bank and GS Caltex add to hot streak for Korean bonds

South Korean groups raise $500 million and $400 million five-year bonds respectively, offering investors the opportunity to tap a market hot with issuance in recent weeks.
Woori Bank is in the process of marketing a five-year US dollar benchmark deal, and other Korean institutions that have tapped the international bond market this month.
Woori Bank is in the process of marketing a five-year US dollar benchmark deal, and other Korean institutions that have tapped the international bond market this month.

Woori Bank sold a $500 million five-year bond on Tuesday night during US hours, joining GS Caltex and other South Korean companies that have tapped the international bond market this month

The Reg S/144a fixed-rate senior unsecured note was issued 15bp tighter than the initial price guidance of 175bp above Treasuries, according to sources close to the deal The bond was four times oversubscribed – an indication of strong investor demand for Korean credits – with 55% of investors coming from Asia, 28% from the US and the remaining from Europe

Barclays, Citigroup, Deutsche Bank, HSBC, JPMorgan, Standard Chartered and Woori Investment & Securities were joint bookrunners of the deal, which falls under the company's...

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