Woori Bank, the second-largest lender in Korea, priced a $500 million additional tier-1 AT1 bond at a yield of 4.5% on Tuesday night. But the bank's decision to come to the market ahead of a US interest rate decision appeared to have limited demand for the deal.
The perpetual non-call five deal proved challenging for the leads Citi, Commerz, Credit Agricole, HSBC, Bank of America Merrill Lynch and Nomura as investors remained on the sidelines to await the outcome of policy meetings from the US Federal Reserve and Bank of Japan, while some fatigue had settled into the bank capital class as a whole....
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