New Issue: Korea's Woori Bank sells $1 billion 30-year hybrid notes at Treasuries plus 157 bps

By Reshmi Basu

New York, April 25 - Woori Bank sold a $1 billion offering of 30-year hybrid tier I notes (Baa2/BBB/BBB+) at par to yield Treasuries plus 157 basis points, according to a market source.

The deal came at the tight end of revised guidance, which was cut to 157 to 159 bps from initial talk in the area of 160 bps more than Treasuries.

The notes will be non-callable for 10 years. If the notes are not called, the coupon will change to a floating rate and will step up by 100 bps.

ABN Amro, Credit Suisse, Deutsche Bank, HSBC, Merrill Lynch and Woori Investment and Securities were joint lead managers for the Rule 144A and Regulation S deal.

The issuer is a financial institution based in Seoul, Korea.

Issuer:	Woori Bank
Amount:	$1 billion
Issue:	Hybrid tier I notes
Maturity:	May 2, 2037
Coupon:	6.208%
Issue price:	Par
Spread:	Treasuries plus 157 bps, mid-swaps plus 104.4 bps
Call option:	Callable on May 2, 2017, if not called, coupon changes to floating rate and steps up by 100 bps
Joint leads:	ABN Amro, Credit Suisse, Deutsche Bank, Merrill Lynch, Woori Investment and Securities
Pricing date:	April 25
Settlement date:	May 2
Distribution:	Rule 144A and Regulation S
Ratings:	Moody's: Baa2
	Standard & Poor's: BBB
	Fitch: BBB+
Revised guidance:	157 to 159 bps more than Treasuries

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