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Industrial Bank of Korea issues 350B won of convertible bonds

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Industrial Bank of Korea issues 350B won of convertible bonds

Industrial Bank of Korea issued 350 billion South Korean won of contingent convertible bonds, Yonhap News Agency reported March 9.

The perpetual notes were issued in two tranches. One comprised 280 billion won of bonds with a 3.82% coupon, callable after five years, while the other was a 70-billion-won issuance of bonds with a 4.21% coupon, callable after 10 years.

The exercise raised the bank's capital adequacy ratio by 20 basis points, the publication said, and increased its lending capacity to small and medium-sized enterprises to more than 4 trillion won.

As of March 9, US$1 was equivalent to 1,066.35 South Korean won.