A story in the Oct. 13 editions of the Prospect News Emerging Markets Daily and the Prospect News Green Finance Daily incorrectly reported the maturity of KEB Hana Bank’s perpetual notes. Additionally, one of the bookrunners was Credit Agricole rather than Credit Suisse. A corrected version of the story follows with additional details from a regulatory notice by KEB Hana Bank.
Chicago, Oct. 12 – KEB Hana Bank sold $300 million of 3˝% perpetual sustainability notes (BBB-) on Tuesday, according to a market source and a regulatory notice.
The notes priced with a spread of 240.9 basis points over Treasuries.
Talk was for a yield in the 3˝% area.
The Basel III capital notes are non-callable for five years. After five years they can be redeemed on any semiannual payment date.
BNP Paribas, Citi, Credit Agricole CIB, HSBC and Mizuho are the bookrunners of the deal.
Proceeds, according to S&P Global Ratings, will be mainly used to finance eligible green and social projects in accordance with its sustainable financing framework.
The specific purpose of the funds was cited as to support the financially underprivileged class and small business owners.
The bank is based in Seoul, South Korea.
| Issuer: | KEB Hana Bank
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| Issue: | Sustainability notes
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| Amount: | $300 million
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| Maturity: | Perpetual
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| Bookrunners: | BNP Paribas, Citi, Credit Agricole, HSBC and Mizuho
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| Coupon: | 3˝%
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| Spread: | Treasuries plus 240.9 bps
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| Call features: | Callable starting Oct. 19, 2026 and on each semiannual payment date thereafter
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| Trade date: | Oct. 12
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| Settlement date: | Oct. 19
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| Rating: | S&P: BBB-
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| Price talk: | 3˝% area yield
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