Woori closes downsized deal

Korean bank struggles in difficult market conditions.

Woori Bank priced a downsized lower tier 2 transaction on Friday after struggling to draw investors thanks to difficult market conditions. The Baa2BBBBB-rated deal ended up being downsized from $500 million to $400 million, priced at the wide end of a revised indicative range and at a premium to its outstanding lower tier 2 deal.

With Credit Suisse First Boston, JPMorgan and Merrill Lynch as lead managers, the 10 non-call five issue was priced at 99.723% on a coupon of 5.75% to yield 5.812%. This equated to 371bp over Treasuries or 230bp over Libor. Fees for the 144a deal were 45bp, 5bp less than Woori's last Reg S sub...

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