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DGB Financial, Daegu Bank to issue CoCo bonds

DGB Financial Group Co. Ltd. and its regional bank unit Daegu Bank Ltd. will raise 150 billion South Korean won and 100 billion won, respectively, by issuing contingent convertible bonds, Yonhap News Agency reported Dec. 19.

Both DGB Financial and Daegu Bank will use proceeds to expand their capital buffers, while DGB Financial also cited the need to finance M&A.

As of Dec. 19, US$1 was equivalent to 1,085.11 South Korean won.