The $160 million ten non-call five upper tier 2 deal, for which details were announced yesterday Monday, has proved to be one of the most unusual debt transactions to emerge from Korea in recent years. With Salomon Smith Barney as lead manager, pricing was actually finalised on November 22, but a deal was not formally signed until last Friday because of the sudden inclusion and equally sudden withdrawal of Barclays Capital as a joint-bookrunner.
The pricing date is important because in the week after the negotiated deal was agreed with KorAm and a majority of investors, Treasury yields and their Korean equivalent backed up by 100bp. By November 22, the lead manager...
