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Fitch: Shinhan Bank notes BBB+
Fitch Ratings said it assigned an expected BBB+ rating to Shinhan Bank's proposed dollar-denominated subordinated unsecured notes.
The agency said it expects the notes to have an issue size of $500 million, a tenor of 10 years and a call option after five years.
The proceeds will be used to strengthen the bank’s Basel III tier 2 regulatory capital position and for general corporate purposes, Fitch said.
The notes will be issued under the bank’s $6 billion global medium-term note program.
The agency said it rates the Basel III-compliant tier 2 subordinated notes two notches below the bank’s long-term issuer default rating, which is driven by its viability rating of A.
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