Korea Exchange Bank talks $200 million of 10-year bonds at mid-swaps plus 115 to 120 basis points

By Reshmi Basu

New York, June 2, Korea Exchange Bank set price guidance for a resurrected offering of $200 million in 10-year subordinated bonds (Baa3/BB+/BB+) at mid-swaps plus 115 to 120 basis points, according to a market source.

The lower tier two bonds will be non-callable for five-years. If not called, the coupon will step up to the prevailing five-year U.S. Treasury plus 1.5 times the spread at pricing.

Citigroup and HSBC are running the Rule 144A/Regulation S deal.

Korea Exchange Bank is based in Seoul.

The issue had been earlier postponed due to market volatility, after Korea Exchange completed its roadshow in April for a proposed offering of $300 million in 10-year bonds.

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