Woori prices Korea's largest ever bank capital offering

Preparing itself for the Basel 2 accords implementation, Woori prices a benchmark lower-tier 2 deal well inside of indicative guidance.
April 27, 2006
On Thursday night April 27 joint bookrunners Deutsche Bank, Goldman Sachs, Morgan Stanley and Woori Investment Securities priced a benchmark $1 billion 10-year non-call five-year lower-tier 2 deal for KoreaÆs Woori Bank. It was KoreaÆs second largest corporate bond ever.

Initially marketed to investors at the 70bp to 75bp level over Libor, the leads were able to tighten the pricing as the book built up momentum. The notes were priced at 99.89% on a coupon of 6.125% to yield at 6.151%. This equates to a spread of 117bp over Treasuries or 67bp over Libor, the tightest-ever lower tier 2 print from Korea. Fees were 25bp.

The deal marked a number of milestones for the Asian...
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