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)