Dim hope for Korean FIG volumes

摘要

Woori bank last week printed South Korea's first offshore Additional Tier 1 notes of the year, but prospects for further bank capital deals from the country seem dim. Despite good demand for the trade, Woori remains the only Korean bank to have issued ATI securities offshore, having printed three such deals. But its peers look unlikely to become more active in the dollar market in the near future. On Monday, Woori priced US$500m perpetual non-call five securities at par to yield 5.25%, versus initial guidance in the 5.5% area, drawing orders of US$1.5bn.