Korea's Woori Bank talks 30-year hybrid bonds at Treasuries plus 160 bps area

By Reshmi Basu

New York, April 23 - Woori Bank set price guidance for a benchmark-sized offering of dollar-denominated hybrid bonds (Baa2/BBB/BBB+) at the Treasuries plus 160 basis points area, according to a market source.

The bonds will carry a 30-year tenor and will be non-callable for 10 years. If the bonds are not called, the coupon steps up by 100 bps.

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

The roadshow is scheduled to wrap up in New York on Tuesday.

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

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