Hana Securities Issues First Dollar-Denominated Capital Securities
Hana Securities, a South Korean securities company, has made history by issuing its first U.S. dollar-denominated capital securities.
The issue, worth $300 million (approximately KRW 400 billion), has a maturity of 30 years and is structured as '30NC5', allowing call options to be exercised five years after issuance.
Global credit rating agency Standard & Poor's gave the new capital securities a 'BBB' rating. The issue attracted orders worth $1.7 billion, nearly six times the public offering amount, with an issuance rate set at 6.50% per annum.
This is part of a growing trend in the Korean securities industry, where companies are expanding their capital through new capital securities. NH Investment & Securities issued KRW 500 billion in March this year and Shinhan Financial Group issued KRW 270 billion last month.