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 S144a 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...

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