Woori Investment and Securities

The Asian G3 debt market opened on Monday with two deals from financial names and a mandate, in addition to two launches from corporates, following the positive sentiment overnight from the French presidential election.

The South Korean government is set to ease rules on loan loss reserves (LLR) in a boost to banks’ regulatory capital ratios. But the changes, announced on October 7 by the Financial Services Commission, could leave lenders less prepared for IFRS 9. Fitch Ratings has warned.

South Korea’s Woori Bank printed a $500m Basel III additional tier one on Tuesday off the back of a modest $850m order book. The notes struggled a little in secondary the following day before rebounding on Thursday, putting the focus on the transaction’s pricing and timing, writes Addison Gong.

South Korea’s Woori Bank printed a $500m Basel III additional tier one offering on Tuesday off the back of a modest $850m order book. Although the notes sold off a little bit in secondary, bankers on the deal reckon the issuer got away with a decent outcome ahead of expected market volatility.

Woori Bank has set sights on its second dollar-denominated Basel III additional tier one bond, opening books on Tuesday morning. It will be the first South Korean lender to test the bank capital market following a recent rule change on AT1 instruments.

Two South Korean banks, Woori and Busan, are preparing for investor meetings next week as they both line up bond issues.

South Korea’s Woori Bank is set to meet investors for its second dollar-denominated Basel III additional tier one bond.

South Korea has amended regulations to adopt perpetual maturities for additional tier one bonds, in line with a request from the Bank for International Settlements.

South Korea’s Woori Bank is expected to bring a dollar-denominated Basel III additional tier one bond to the market as early as September after its plans were abruptly put on hold in April due to a proposed changes in rules.

Woori Bank has hired six banks to work on a dollar-denominated additional tier one (AT1) offering.

South Korea’s Woori Bank sealed a 144A return to the international bond market on January 12. The issuer’s aggressive pricing strategy kept US investors at bay, but it was unavoidable as the borrower wanted cheap funding, said bankers on the deal.

Ping An Life Insurance Company of China started building books for its inaugural dollar bond on Tuesday, while South Korea’s Woori Bank and China Energy Reserve and Chemicals Group are also wooing investors for their respective dollar deals.