HONG KONG, Sept 20 (IFR) - South Korea's Woori Bank is marketing a US dollar Additional Tier 1 offering at around 4.75 percent.
Bank of America Merrill Lynch, Citigroup, Commerzbank, Credit Agricole, HSBC and Nomura are active bookrunners.
BNP Paribas and Morgan Stanley are passive bookrunners.
Woori Bank Global Markets Asia is a co-manager.
The 144A/Reg S perpetual non-call five offering is expected to score ratings of Ba3/BB+ (Moody's/S&P).
This will be the first Korean AT1 offering since a revision to the Banking Act allowed banks to issue perpetual securities. Previously, banks had to issue securities with a maturity of 30 years and an option to extend.
Woori's previous AT1 bonds, which are callable in 2020, are trading at a yield to call of around 3.67 percent, according to Thomson Reuters data. (Reporting by Frances Yoon; editing by Vincent Baby and Daniel Stanton)
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