woori-prices-asias-largest-ever-tier1-bond

Woori prices Asia's largest ever tier-1 bond

The Korean bank also prices inside the curve of its rival Shinhan Bank.
Woori BankÆs $1 billion Reg-S, 144a, hybrid tier-1 bond offering priced last night at the tight end at 157bp over Treasuries 104.5bp over mid-swaps, or 103bp over Libor. ABN AMRO, Credit Suisse, Deutsche Bank, HSBC, Merrill Lynch and Woori Investment and Securities handled the deal.

Final guidance came in at 157bp-159bp over 10-year Treasuries, after an initial guidance in the area of 160bp. The Baa2BBBBBB 30-year non-call-10 bond priced at par with a coupon of 6.208% semiannual, 30360 to first call, FRN after, and an order book four times subscribed at over $4 billion.

Typically, there are between 50 and 70 investors that participate in tier-1 deals, and...
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