Woori prices Korea's largest ever bank capital offering

Preparing itself for the Basel 2 accords implementation, Woori prices a benchmark lower-tier 2 deal well inside of indicative guidance.
On Thursday night April 27 joint bookrunners Deutsche Bank, Goldman Sachs, Morgan Stanley and Woori Investment Securities priced a benchmark $1 billion 10-year non-call five-year lower-tier 2 deal for KoreaÆs Woori Bank. It was KoreaÆs second largest corporate bond ever.

Initially marketed to investors at the 70bp to 75bp level over Libor, the leads were able to tighten the pricing as the book built up momentum. The notes were priced at 99.89% on a coupon of 6.125% to yield at 6.151%. This equates to a spread of 117bp over Treasuries or 67bp over Libor, the tightest-ever lower tier 2 print from Korea. Fees were 25bp.

The deal marked a number of milestones for the Asian...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222