Chohung Bank priced a dual upper and lower tier 2 deal yesterday Monday through initial price guidance after attracting an order book topping $4 billion. Investor appetite for the deal represents a complete turnaround compared to June when NACF and IBK struggled into the market and became the last two Korean banks to tap the sub debt sector for four months.
The strong trading performance of both deals since then and the unusually long absence of the Korean banking sector from the market were two of the main driving forces behind Chohung's $400 million deal led by Citigroup and UBS.
A $200 million...
