Woori Bank returned to the senior bond markets for the first time since December of last year on Wednesday September 28 with a $500 million 144a Reg-S issue via ABN AMRO, BNP Paribas and UBS.
The senior unsecured five-year deal was priced inside of revised price guidance at 99.628% on a coupon of 4.875% to yield 4.96%. This equated to 83bp over Treasuries, or 37bp over mid swaps. Having initially headed to market with a target yield of 40bp over swaps, the leads cut guidance to 38bp after SP upgraded the bank's credit rating to A- from BBB during the book build. Woori is rated one notch lower...
