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South Korea's Chohung Bank sets guidance for $400 million subordinated debt, no U.S. roadshow
By Reshmi Basu
New York, Oct. 21 - Chohung Bank set price guidance for its $400 million two tranche offering of subordinated debt, according to a market source.
The proposed issuance will be split into lower tier II (expected Baa2/BBB-) and upper tier II notes (expected Baa2/BB+).
Guidance for the $200 million 10-year lower tier II notes is mid-swaps plus 95 to 100 basis points.
And guidance for the $200 million 10-year upper tier II notes is mid-swaps plus 110 to 115 basis points.
Monday's scheduled roadshow in New York has been cancelled.
Instead, pricing is expected to take place Monday morning.
Citigroup and UBS Investment Bank are running the Rule 144A/Regulation S deal.
Chohung, based in Seoul, South Korea, is a banking unit of Shinhan Financial Group.
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