Woori Bank, a unit of Woori Finance Holdings, sold $800 million of Rule 144A notes on Monday, pricing the 5.5-year deal at midday in New York. The deal attracted huge demand from investors worldwide, but also controversy, critics complained that the terms were too generous.
The issue was drawn from the bank's $7 billion global medium-term note programme, which is rated A2 by Moody's, but a notch lower by both Standard and Poor's and Fitch which assigned credit ratings of A-. Bank of America Merrill Lynch, HSBC, Morgan Stanley, Nomura, and RBS were the joint bookrunners for the sale.
The bonds pay a semi-annual coupon of 7%, and were re-offered...
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