By Paul A. Harris
Portland, Ore., July 18 – Busan Bank (Baa2) has priced $250 million of 3 5/8% 10-year tier 2 notes at a 210 basis points spread to Treasuries, according to a market source.
The issue, which played to over $2.3 billion of orders, came at an issue price of 99.585 to yield 3.675%.
Joint bookrunner Standard Chartered Bank will bill and deliver. Credit Agricole CIB and HSBC were also joint bookrunners.
The Busan, South Korea-based bank was formerly known as Pusan Bank.
| Issuer: | Busan Bank
|
| Amount: | $250 million
|
| Maturity: | July 25, 2026
|
| Securities: | Tier 2 notes
|
| Bookrunners: | Standard Chartered (bill and deliver), Credit Agricole CIB, HSBC
|
| Coupon: | 3 5/8%
|
| Price: | 99.585
|
| Yield: | 3.675%
|
| Spread: | 210 bps over Treasuries
|
| Announcement date: | July 18
|
| Rating: | Moody’s: Baa2
|
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