By Paul A. Harris
Portland, Ore., April 19 - South Korea's Hana Bank (A1/A/) has priced a $500 million issue of 5.5-year senior notes at a 265 basis points spread to Treasuries, according to an informed source.
The spread came at the wide end of the 260 bps to 265 bps final spread talk. Initial guidance was Treasuries plus 280 bps.
The notes come with a coupon of 3½%, according to a market source.
BNP Paribas, Citigroup, ING, Royal Bank of Scotland and UBS were the joint bookrunners.
The Seoul, Korea-based bank, which priced the deal as part of its $6 billion global medium-term note program, plans to use the proceeds for general corporate purposes.
| Issuer: | Hana Bank
|
| Amount: | $500 million
|
| Maturity: | 5.5 years
|
| Securities: | Senior notes
|
| Managers: | BNP Paribas, Citigroup, ING, Royal Bank of Scotland, UBS
|
| Coupon: | 3½%
|
| Spread: | Treasuries plus 265 bps
|
| Price talk: | Treasuries plus 260 bps to 265 bps
|
| Distribution: | Rule 144A and Regulation S
|
| Format: | Global medium-term notes program
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
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