Korea’s Woori Bank raises $550 mn in AT1 hybrid bond

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Korea’s Woori Bank raises $550 mn in AT1 hybrid bond - Korea Economic Daily

Quick Summary:

The yield is the lowest for an AT1 hybrid bond in the US dollar since Credit Suisse’s similar bonds worth $17 billion were completely written down in March last year, according to banking industry sources.“Woori’s hybrid bond yield is even lower than 6.85%, the yield of US bank Wells Fargo & Company’s $2 billion worth of hybrid bonds sold a day before Woori’s deal.

Many global investors chose Woori’s hybrid bond as they believe a Korean AT1 bond has less write-down risk than other countries’ ones, thanks to the Korean government’s active support to distressed financial institutions, banking sources said.

South Korea’s major bank Woori Bank said on Thursday that it raised $550 million by issuing additional tier 1 (AT1) hybrid bonds on July 17 with a call option that can be exercised in five years.