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Industrial Bank of Korea issues 650B won of 10-year subordinated bonds

Industrial Bank of Korea issued 650 billion won of 10-year subordinated bonds as contingent capital securities with write-down features, the South Korean policy bank said in a Sept. 11 filing.

The coupon was set at 1.70% for the domestic offering. Industrial Bank of Korea said the proceeds would be used to improve its capital ratio.

As of Sept. 11, US$1 was equivalent to 1,190.99 South Korean won.