Plucky Pusan shows mart still open with debut tier 2

09 Mar 2007

Pusan Bank, the South Korean regional bank, launched its first international subordinated debt this week, with a $200m lower tier two capital deal.

Lead managers JP Morgan and UBS attracted an impressive order book despite difficult market conditions, but rivals questioned whether the timing of the deal made sense.

Pusan announced its plans for a subordinated bond last Wednesday (March 1) in the midst of a sell-off in Asian equities and emerging ...

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