By Paul A. Harris
St. Louis, Sept. 8 - Korea's Hana Bank has priced a $400 million issue of 5 7/8% 10-year lower tier 2 notes to yield mid-swaps plus 72 basis points, according to an informed source.
The issue came at a dollar price of 99.68.
Barclays Capital, BNP Paribas and Deutsche Bank were the lead managers for the notes, which were issued via Regulation S.
The Seoul, Korea-based bank, part of Hana Financial Holdings, has been assigned issuer ratings of Baa1 from Moody's Investors Service and BBB+ from Standard & Poor's.
| Issuer: | Hana Bank
|
| Amount: | $400 million
|
| Maturity: | Sept. 14, 2016
|
| Security description: | Lower tier 2 notes
|
| Lead managers: | Barclays Capital, BNP Paribas, Deutsche Bank
|
| Coupon: | 5 7/8%
|
| Price: | 99.68
|
| Spread to mid-swaps: | 72 bps
|
| Spread to Treasuries: | 119.3
|
| Call protection: | Five years
|
| Coupon step-up: | Treasuries plus 219.3 bps if not called
|
| Issuer ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Distribution: | Regulation S
|
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