A Request For Proposals RFP went out yesterday Thursday for a $200 million deal that if successful will mark the world's first hybrid tier 1 issue by a non-investment grade rated credit. KEB is just one of many Korean banks contemplating tier 1 issues. Hana, for example, is already said to be tied up with Morgan Stanley and Hanvit, Kookmin and Koram are also said to be keen to follow.
But a deal from KEB faces a number of challenges not least of which is a lack of domestic regulations. A number of banks including Hanvit and Koram have previously examined the feasibility of hybrids, but until a couple of months ago, the FSS Financial...
