South Korea's Shinhan Bank delays $350 million 10-year bonds

By Reshmi Basu

New York, July 6 - Shinhan Bank postponed an offering of $350 million in 10-year bonds (Baa2/BBB-) due to market volatility caused by Thursday's fatal bombings in London, according to market sources.

The issue was set to price Thursday. New timing for the issue is unknown.

Price guidance had been lowered to 130½ to 132½ basis points over Treasuries from 134 basis points.

The upper tier II bonds will be non-callable for five years. If not called, there will be a 150% step-up.

ABN Amro and Banc of America Securities are the lead managers for the Regulation S transaction.

Shinhan Bank, based in Seoul, is a private retail bank.

The proposed issue in under the bank's medium-term note program.

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