September 19, 2016 / 3:36 AM / 3 years ago

Woori names banks for US dollar AT1 bonds

HONG KONG, Sept 19 (IFR) - South Korea’s Woori Bank has named banks to manage a US dollar Additional Tier 1 offering.

Bank of America Merrill Lynch, Citigroup, Commerzbank, Credit Agricole, HSBC and Nomura are active bookrunners.

BNP Paribas and Morgan Stanley are passive bookrunners.

Woori Bank Global Markets Asia is a co-manager.

The 144A/Reg S perpetual non-call five offering is expected to begin marketing tomorrow and score ratings of Ba3/BB+ (Moody’s/S&P).

This will be the first Korean AT1 offering since a revision to the Banking Act allowed banks to issue perpetual securities. Previously, banks had to issue securities with a maturity of 30 years and an option to extend.

Woori’s previous AT1 bonds, which are callable in 2020, are trading at a yield to call of around 3.8%. (Reporting by Spencer Anderson; Editing by Vincent Baby and Daniel Stanton)

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