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Report: Busan Bank issues US$250M of Tier 2 bonds

Busan Bank Co.Ltd. raised US$250 million from the issuance of Tier 2 capitalbonds, its first U.S. dollar-denominated bonds in more than four years, FinanceAsia reported July 19, citing aterm sheet seen by the publication.

The final pricing for the Basel III-compliant bonds wasfixed at 99.585%. The coupon rate was 3.625% and the yield is expected at3.675%, or 210 basis points above Treasuries.

The bonds are due July 2026.

The offering was said to have fetched up to US$2.3 billionin orders, mostly from institutional funds and banks outside South Korea, thepublication said, citing "syndicate bankers familiar with the deal."