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Busan Bank, a subsidiary of BNK Financial Group, has sold contingent convertible bonds, or CoCos, worth $250 million, the lender said on Wednesday.
The 10-year additional tier 1 bond, which drew orders of almost $2.4 billion, is priced with a coupon of 3.675 percent.
“It is the lowest rate among US dollar-denominated CoCos ever issued in Asia since Basel III came into effect,” an official at Busan Bank said.
The Basel III is a global regulatory framework on bank capital requirements, stress testing and liquidity risk.
The lender plans to use the raised funds to pay back its senior debt worth $300 million which matures in February next year.
By Park Han-na (hnpark@heraldcorp.com)
The 10-year additional tier 1 bond, which drew orders of almost $2.4 billion, is priced with a coupon of 3.675 percent.
“It is the lowest rate among US dollar-denominated CoCos ever issued in Asia since Basel III came into effect,” an official at Busan Bank said.
The Basel III is a global regulatory framework on bank capital requirements, stress testing and liquidity risk.
The lender plans to use the raised funds to pay back its senior debt worth $300 million which matures in February next year.
By Park Han-na (hnpark@heraldcorp.com)
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Articles by Korea Herald
