July 11, 2017 / 6:28 AM / 8 months ago

Industrial Bank of Korea picks banks for first offshore AT1

HONG KONG, July 11 (IFR) - Industrial Bank of Korea has mandated Bank of America Merrill Lynch, Citigroup, HSBC and Societe Generale for a US dollar-denominated Additional Tier 1 securities offering.

Fixed-income meetings are expected to start as early as next week for the proposed 144A/Reg S notes.

IBK would be the second bank from Korea to issue Basel III-compliant AT1 securities offshore. Woori Bank was the first and only issuer from the country to sell US dollar AT1s, issuing one each year since 2015.

Woori’s last issue came two months ago in a $500 million perpetual non-call five securities offering that priced at par to yield 5.25 percent. (Reporting by Frances Yoon; Editing by Vincent Baby and Daniel Stanton)

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