Woori Bank raises $500M through subordinated bonds

Woori Bank has raised US$500 million through dollar-denominated subordinated bonds.

The fixed-rate dollar-denominated subordinated bonds with a maturity of ten years have been issued to yield 5.875 percent, or 2.15 percentage point higher than the six-month London Interbank Offered Rate, the Woori Bank said in a statement.

The bond yield was cut by 20 basis points compared with its initial guidance as 3.7 billion dollars was offered in the auction with the bid-to-cover ratio reaching above 7, according to the statement.

The bond proceeds will be used to repay Woori Bank's debts that mature in May, the bank said. Joint bookrunners for the sale include Barclays, Bank of America Meerrill Lynch, BNP Paribas, HSBC, JP Morgan, UBS and Woori Investment & Securities.

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