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Shinhan Life Insurance to issue US$350M of subordinated bonds

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Shinhan Life Insurance to issue US$350M of subordinated bonds

Shinhan Life Insurance Co. Ltd. plans to raise US$350 million via an overseas issuance of 10-year subordinated bonds, Yonhap Infomax reported Sept. 6.

The company originally planned to issue up to US$300 million of hybrid securities in the second half but switched to a subordinated bond issuance due to challenging capital market conditions, the news outlet said.

In June, the Shinhan Financial Group Co. Ltd. unit raised 200 billion won via an issuance of domestic subordinated bonds to boost its risk-based capital ratio to 199.6% as of June 30, from 175.4% at the end of 2017.

As of Sept. 6, US$1 was equivalent to 1,123.15 South Korean won.