Woori returns with punchy $500 million lower tier-2 bond

Woori Bank prints an aggressive $500 million lower tier-2 deal and the bonds tighten in secondary trading.

Woori Bank took advantage of bullish market conditions early Thursday morning to close an aggressively priced $500 million 10-year lower tier-2 issue. Despite its punchy pricing, the bonds tightened in the secondary market during the day.

The bonds priced at Treasuries plus 250 basis points, at the tight end of the final Treasuries plus 250bp to 260bp guidance, to yield 6.021%. The initial guidance was in the area of 270bp, so the bonds came at least 20bp inside that. They further tightened by 7bp in secondary market trading and were quoted at Treasuries plus 243bp yesterday morning.

“I think it’s impressive that they managed to get away...

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