New Issue: South Korea's Pusan Bank sells $200 million 10-year bonds at Treasuries plus 109.6 bps

By Reshmi Basu

New York, March 7 - Pusan Bank sold $200 million of 10-year bonds at 99.763 with a 5½% coupon to yield 109.6 basis points more than U.S. Treasuries, according to a market source.

The bonds are callable on March 14, 2012 at par. If the bonds are not called, the coupon steps up by 100 bps over the prevailing U.S. five-year Treasury spread at the time of pricing.

JP Morgan and UBS Investment Bank were joint lead managers for the deal.

Pusan Bank is a commercial bank located in Pusan, South Korea.

Issuer:	Pusan Bank
Amount:	$200 million
Issue:	Bonds
Maturity:	March 14, 2017
Coupon:	5½%
Issue price:	99.763
Spread:	Treasuries plus 109.6 basis points
Call option:	Callable on March 14, 2012 at par, if not called, coupon steps up by 100 bps over prevailing five-year Treasury spread
Lead managers:	JP Morgan, UBS Investment Bank
Pricing date:	March 7
Settlement date:	March 14

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