GC
Shinhan Bank gives small premium for tier two bond
Shinhan Bank was forced to pay a new issue premium (NIP) to complete its Basel III-compliant tier two deal on Monday, like most other issuers in recent weeks. But the South Korean borrower still managed to price its bond tighter than expected.
Aa3/A+/A rated Shinhan Bank fared better in the dollar market on Monday than other Asian borrowers have recently. Given the soft market backdrop, Shinhan entered the market knowing that it would have to pay a premium, said bankers on the trade.
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