Woori Bank returned to the senior bond markets for the first time since September 2003 on Monday night with a $300 million 144a issue via Barclays and Merrill Lynch.
The five-year deal was priced 99.681% on a coupon of 4.50% to yield 4.572%. This equated to 87.2bp over Treasuries and 47bp over mid swaps. Fees were 22.5bp.
The deal appeared aggressive relative to the Baa1BBB rated bank's outstanding curve. Its September 2008 bond was trading only 1bp tighter than the new deal on a mid swaps basis, while its October 2007 bond was trading 6bp tighter than its 2008.
Specialists say the...