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Shinhan Bank raises US$400M from CoCo bonds

South Korea's Shinhan Bank Co. Ltd. completed a US$400 million contingent convertible bond offering, Yonhap News Agency reported March 20.

The issuance was priced 1.65% above the 10-year U.S. Treasury bond, with a coupon of 4.5%.

Shinhan Bank is a unit of Shinhan Financial Group Co. Ltd.