New Issue: Korea's Woori Bank sells $1 billion 10-year notes at Libor plus 67 bps

By Reshmi Basu

New York, April 27 - Seoul, Korea-based Woori Bank sold a $1 billion offering of lower tier II subordinated 10-year notes (Baa2/BBB+) at 99.89 to yield 67 basis points over Libor, according to a market source.

Price guidance was set at the Libor plus 70 basis points area.

The bonds are non-callable for five years. If not called, the coupon will step up to 150% of the initial Treasury spread when the notes were priced.

Deutsche Bank, Goldman Sachs, Morgan Stanley and Woori Securities were the lead managers for the issue.

Issuer:	Woori Bank
Amount:	$1 billion
Issue:	Lower tier II subordinated notes
Maturity:	May 3, 2016
Coupon:	6 1/8%
Issue price:	99.89
Yield:	6.151%
Spread:	Libor plus 67 basis points
Call option:	Callable on May 3, 2011 at par
Pricing date:	April 27
Settlement date:	May 3
Lead managers:	Deutsche Bank, Goldman Sachs, Morgan Stanley, Woori Securities
Ratings:	Moody's: Baa2
	Standard & Poor's: BBB+
Price guidance:	Libor plus 70 basis points area

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