Hana Bank prints Korea’s second dollar tier two issue

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By Rev Hui
28 Sep 2014

Hana Bank has become only the second Korean lender to tap the dollar market for a tier two bond, pricing a $300m issue on September 25 that was multiple times oversubscribed. But some of the credit for success has to go the country’s regulator for tweaking its Basel III rules before the transaction.

Woori Bank was the first in the country to print a new style tier two bond in April when it printed a $1bn 4.75% 2024 bullet.

Those bonds were spotted at a G-spread of 223bp when bookbuilding started for Hana Bank, although they were not the most relevant ...

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