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Capital Markets Update and Selected Case StudiesBank of America Merrill Lynch
From the 3rd August to the 14th August 2009
August 16, 2009
“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities.
Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
These materials have been prepared by one or more subsidiaries of Bank of America Corporation for the client or potential client to whom such materials are directly addressed and delivered (the “Company”) in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with us. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by us. We assume no responsibility for independent investigation or verification of such information (including, without limitation, data from third party suppliers) and have relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the managements of the Company and/or other potential transaction participants or obtained from public sources, we have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currentlyavailable estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by us in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Bank of America Corporation or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. These materials are for discussion purposes only and are subject to our review and assessment from a legal, compliance, accounting policy and risk perspective, as appropriate, following our discussion with the Company. We assume no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under applicable securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without our prior written consent. These materials may not reflect information known to other professionals in other business areas of Bank of America Corporation and its affiliates.
Bank of America Corporation and its affiliates (collectively, the “BAC Group”) comprise a full service securities firm and commercial bank engaged in securities, commodities and derivatives trading, foreign exchange and other brokerage activities, and principal investing as well as providing investment, corporate and private banking, asset and investment management, financing and strategic advisory services and other commercial services and products to a wide range of corporations, governments and individuals, domestically and offshore, from which conflicting interests or duties, or a perception thereof, may arise. In the ordinary course of these activities, parts of the BAC Group at any time may invest on a principal basis or manage funds that invest, make or hold long or short positions, finance positions or trade or otherwise effect transactions, for their own accounts or the accounts of customers, in debt, equity or other securities or financial instruments (including derivatives, bank loans or other obligations) of the Company, potential counterparties or any other company that may be involved in a transaction. Products and services that may be referenced in the accompanying materials may be provided through one or more affiliates of Bank of America Corporation. We have adopted policies and guidelines designed to preserve the independence of our research analysts. These policies prohibit employees from offering research coverage, a favorable research rating or a specific price target or offering to change a research rating or price target as consideration for or an inducement to obtain business or other compensation. We are required to obtain, verify and record certain information that identifies the Company, which information includes the name and address of the Company and other information that will allow us to identify the Company in accordance, as applicable, with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and such other laws, rules and regulations as applicable within and outside the United States.
We do not provide legal, compliance, tax or accounting advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by us to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. If any person uses or refers to any such tax statement in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the statement expressed herein is being delivered to support the promotion or marketing of the transaction or matter addressed and the recipient should seek advice based on its particular circumstances from an independent tax advisor. Notwithstanding anything that may appear herein or in other materials to the contrary, the Company shall be permitted to disclose the tax treatment and tax structure of a transaction (including any materials, opinions or analyses relating to such tax treatment or tax structure, but without disclosure of identifying information or, except to the extent relating to such tax structure or tax treatment, any nonpublic commercial or financial information) on and after the earliest to occur of the date of (i) public announcement of discussions relating to such transaction, (ii) public announcement of such transaction or (iii) execution of a definitive agreement (with or without conditions) to enter into such transaction; provided, however, that if such transaction is not consummated for any reason, the provisions of this sentence shall cease to apply. Copyright 2009 Bank of America Corporation.
Notice to RecipientConfidential
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Jan-07 Nov-07 Sep-08 Aug-09020406080100120140160
1
Capital Markets UpdateEquity Markets Performance
Commentary Index Performance & Volatility Commodities Recovering
Macro Economic Data(2)
________________________________Source: Bloomberg, as of 14-Aug-09 (1) DJEurostoxx600 subsectors. P/E ratio is a trailing multiple (2) BAS-ML Research as of 14-Aug-09
2007A 2008A 2009E 2010E
Eurozone 3.0 0.6 (4.2) 1.8
UK 2.6 0.7 (4.4) 1.1
USA 2.2 0.4 (2.6) 2.3
Russia 8.1 5.6 (7.3) 2.4 Gro
wth
China 11.9 9.0 8.7 10.1
Eurozone 2.1 3.3 0.4 1.0
UK 2.3 3.6 1.9 1.8
USA 2.9 3.8 (0.3) 1.6
Russia 8.7 14.1 10.7 8.1 Infla
tion
China 4.8 5.9 (1.0) 2.5
1 Week 1 Month 2009 YTD 2008
RTS (6.3%) 9.5% 62.2% (72.4%) MSCI EM (1.7%) 18.7% 48.2% (54.5%) S&P 500 0.3% 13.9% 11.4% (38.5%) EuroStoxx600 0.8% 12.7% 15.3% (45.6%) FTSE100 1.5% 8.5% 6.4% (31.3%)
1 Week 1 Month 2009 YTD 2008
Oil (2.5%) 21.7% 75% (55.5%) Base Metals (3.6%) 23.7% 70.2% (51.1%) Gold (1.7%) 2.9% 7.4% 5.9% Corn (5.8%) (1.0%) (25.5%) (2.3%)
Rebased, % Vol,% US$Gold,
US$/oz
VIXMSCI EM Volatility
2525
European Sector Performance and Valuation(1)
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160
Jan-07 Nov-07 Sep-08 Aug-090
200
400
600
800
1,000
1,200
2009 YTD 2008 P/E Ratio
Basic Resources Banks Retail Auto Financial Services Industrials Goods Consumer Construction & Materials Chemicals Real Estate Tech Food & Beverage Oil&Gas Insurance Media Travel & Leisure Telecom Healthcare Utilities
(7.3%)1.6%2.4%3.0%3.6%4.6%
10.1%10.3%
15.1%15.3%16.1%17.1%18.8%20.0%20.7%21.1%
24.1%44.7%
52.3%
(57.5%)(43.6%)
(56.4%)(63.0%)(59.1%)
(63.4%)(58.6%)
(51.7%)(65.5%)(66.9%)
(57.4%)(63.9%)(59.9%)
(63.7%)(69.8%)
(62.0%)(61.2%)
(75.6%)(75.6%)
13.414.3
34.516.4
n/a
12.782.0
n/a 28.5
14.025.0
19.6
18.518.3
26.8
16.2
12.8
n/a
n/a
Global equity market cap increased by US$14.8trn since March lows to US$40.7trnThere has been a mixed performance by the global indices on the back of the diversified macro data. Emerging markets were slightly down for the last week, while and European and US benchmark indices were flat or upBig policy stimulus will continue – say policy makers in China, US, EuropeMacro data that surprised on upside were Indian industrial production, Australian consumer confidence and EU growth. However, US retail sales were struggling upwardsBullish equity sentiment is still far away from cyclical danger levelsEmerging markets equity funds experienced a healthy US$547m inflow following US$7bn inflow in previous three weeks
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Jan-07 Aug-07 Apr-08 Dec-08 Aug-09
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Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Aug-09
%
3 Month Interest Rates(2)
2
Capital Markets UpdateDebt Markets Performance
Commentary Key Debt Indices(1) CIS Currencies Performance(2)
Interest Rates Forecast(2)TED Spread – Indicator of Risk Aversion(2)
Current Sep-09E Dec-09E Fed 0-0.25 0-0.25 0-0.25 3 mth 0.44 0.55 0.50 5 yr 2.54 2.50 2.60 U
S
10 yr 3.59 3.85 4.10
Current Sep-09E Dec-09E ECB 1.00 1.00 1.00 3 mth 0.87 1.25 1.25 5 yr 2.51 2.60 2.75
Euro
land
10 yr 3.38 3.60 3.80 3.27
Current Sep-09E Dec-09E UK MPC 0.50 0.50 0.50 3 mth 0.78 1.30 1.30 5 yr 2.90 2.45 2.80 U
K
10 yr 3.72 3.60 3.80
0.440.780.87
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200
240
Jan-07 Nov-07 Sep-08 Aug-090
200
400
600
800
1,000
1,200
1,400
ITRAXXEurope, bps
ITRAXX Xover/ EMBI Global, bps
ITRAXX XoverITRAXX EuropeEMBI Global UAH/USDKZT/USDRUB/USD
153
114116
________________________________(1)EMBI GS- Emerging Markets Bond Index; Itraxx Xover – high yield index, Itraxx Europe – high grade index, Bloomberg(2) Source: BAS-ML, Bloomberg as of 14-Aug-09 (TED Spread is the difference between $ 3 month Libor and $ 3 month T Bill)
Rebased%
EuriborGBP LiborUS Libor
0.0
1.0
2.0
3.0
4.0
5.0
Jan-07 Nov-07 Sep-08 Aug-09
On the week of August 3rd, debt markets followed global equities and improved dramatically, on the back of Fed-supplied liquidity and better than expected corporate earnings and economic data. Also during that week, the ECB and BoE held monetary policy meetings, with both bank leaving rates unchanged. The BoE, however, increased the size of its quantitative easing programme to £175mDespite the improvement in the global markets throughout Q2, certain market participants and analysts voice concerns that the rally has been speculative and a slight correction may follow when optimism subsidesReflecting this, the tone on the markets was more cautious on the week of August 10th. However, by the end of the week the markets strengthened on the back of a Fed statement that it would extend its Treasury purchase programme, and positive economic data from Germany and France signalling their economies are out of recessionIn the currency markets, the dollar has been volatile during the past two weeks due to the changes in market sentiment and risk appetite mentioned above, and is currently trading at US$1.43 against the euro and US$1.66 against the sterlingIn commodities, the oil price has been relatively stable around US$70/bbl, and gold fell to US$946/oz in the beginning of last week before rebounding back to US$956/oz due to the more positive tone in equities at the end of the week
1 Week 1 Month 2009 YTD 2008
RTS (6.3%) 22.7% 62.2% (72.4%) Ukraine 1.9% 16.5% 47.0 % (74.3%) MSCI EM (1.7%) 16.2% 48.2% (54.5%) KASE (2.1%) 48.6% 29.1% (62.7%)
Capital Markets UpdateOverview of CIS Capital Markets
Commentary CIS Equity Market Performance(1)
Rebased, %
Russia Remains the Cheapest among Emerging Markets(1)
Russia remains c.54% cheaper than average EMP/E(2) Ratio of Russia/EM
MSCI EM P/E(2)
MSCI Russia P/E(2)
Ratio
Global growth expectations continue to surge which is normally directionally positive for GEM
____________________(1) Source: Bloomberg as of 14-Jul-09 (2) P/E ratio is a trailing multiple (3) Source: BAS-ML GEM Fund Managers Survey, July 2009
CIS CDS Spread Evolution(1) CIS Bond Trading Levels(1)
3
Emerging Markets Investor Country Allocation(3)
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300
Jan-07 Nov-07 Sep-08 Aug-09
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Jan-08 Jul-08 Jan-09 Aug-090.0
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3.0
3.5
4.0
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1,500
3,000
4,500
6,000
Jan-07 Nov-07 Sep-08 Aug-09
Rus 5YrKaz 5YrUkr 5YrGazprom 5Yr
1,177387365287
Issuer Rating Bid Price Bid YTW ASW Spd
bps
Russia 07/18 Baa1/BBB 137.50 5.604% 240 Gazprom 07/14 Baa1/BBB 102.12 7.601% 467 Transneft 08/13 Baa1/BBB 102.75 6.896% 434 Vimpelcom 04/13 Ba2/BB+ 97.67 9.123% 649 Evraz 04/13 B1/BB- 87.93 13.100% 969 Severstal 07/13 Ba3/BB- 94.27 11.599% 857 Eurochem 03/12 -/BB 95.71 9.787% 760 Alfa Bank 06/13 P11 Ba1/BB- 94.19 12.863% 1,081 RSHB 06/14 Baa1/BBB 106.96 7.255% 452 VTB 05/18 P13 Baa1/BBB 91.50 9.606% 664 Halyk 10/13 Ba2/B+ 86.00 13.773% 997 KMG 01/15 Baa2/BB+ 105.52 10.390% 747 Ukraine 06/13 B2/CCC+ 89.00 11.272% 803 UkrExim Bank 10/12 B1/- 81.00 14.576% 1,071
The Central Bank of Russia has cut its key rates by 25bp, bringing the refinancing rate to 10.75%, overnight repo rate to 7.75-9.75% and call deposit rate to 5.5%The timing of this 25bp cut may present a challenge for the ruble. This is because global risk appetite is going through some correction, which may accentuate pressures on risky assetsWe expect some short-term ruble weakness, however, when the markets switch back to recovery mode pressures on the ruble may easeNational Bank of Ukraine has cut its rate by 75bp to 10.25% aiming to support a recovery in the domestic credit market and provide a stimulus for an improvement in the real economyCDS spreads in the last two weeks have widened in Russia but tightened elsewhere in the CIS. Namely, Russia’s 5-year CDS was 22 bps wider at 287 bps, Gazprom’s 5-year 1 bp wider at 387 bps, while Kazakhstan’s 5-year narrowed 16 bps down to 365 bps and Ukraine’s 5-year was a remarkable 313 bps tighter at 1177 bpsRussian corporate Eurobond yields tightened most significantly at the end of the week of August 3rd, with certain securities tightening by as much as 100 bps
0,3
2,0
0,1
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0.30.5
1.8
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-08
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Capital Markets UpdateNew Issue Update
Equity Market Commentary EMEA Equity Deals Flow(1) CIS LTM Equity Issuance(1)
FO IPO
Debt Market Commentary International Debt Deals Flow CIS Public Debt Issuance(2)
Date Company Sector Country Type Val
US$m
Priced Deals over US$100m 13-Aug AEGON Insurance Netherlands AGTSM 1,415
13-Aug Tongaat-Hulett Group Food & Bev South Africa AGTSM 517 13-Aug Wereldhave Real Estate Netherlands Convert 325 12-Aug Northgate Transportation UK Rights 189 11-Aug Findel Retail UK Follow on 135 10-Aug Bezeq Telecom Israel Follow on 293 06-Aug Bezeq Telecom Israel AGTSM 287 06-Aug Golar LNG Energy Transportation UK IPO 110 05-Aug Bank Pekao Finance Poland AGTSM 377 05-Aug Intermediate Capital Finance UK Rights 625 05-Aug Rhoen-Klinikum Healthcare Germany Rights 658 04-Aug Infineon Technologies Electronics Germany Rights 1,033 04-Aug Standard Chartered Finance UK AGTSM 1,705
US$bn
____________________(1) Source: Dealogic(2) Source: Cbonds
5,7
2,71,0
5,2
4,2
2,2 0,83,5
2,4 0,5 1,0 0,5 1,4
1,4
1,2
6,9
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0,90,0
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US$bn
Eurobonds Domestic Bonds
Issue Rating Amt, US$m Coupon (%)
Discovery 10yr Baa2/BBB- 500 5.63 Sprint Nextel 8yr Ba2/BB 1,300 8.38 Praxair 10yr A2/A 600 4.50 BP 2yr Aa1/AA 750 1.55 BP 5.5yrtap Aa1/AA 1,250 3.88 Magellan 10yrtap Baa2/BBB 250 6.55 GE 3yr,10yr Aa2/AA+ 1,500/2,000 3.50/6.00 Coca Cola 10yr A3/A 250 4.50 Dow Chemical 2yr,3yr,5.5yr Baa3/BBB- 250/1,250/1,250 L+225/4.85/5.90
Firstenergy 5.5yr,12yr,30yr Baa2/BBB 400/600/500 4.80/6.05/6.80
Late
st In
tl D
eals
Niagara Mhwk 10yr A3/A- 750 4.88
Petrotemex 5yr -/BB 200 9.50 Swire Pacific 10yr A3/A- 500 5.50 Petrotrin 10yr Baa3/BBB 850 9.75 Petronas 5yr,10yr A1/A- 1,500/3,000 4.25/5.25 Alestra 5yr B1/B+ 200 11.75 Cosan 5yr -/BB- 350 9.50 La
test
EM
Dea
ls
PLN 10yr Ba3/BB- 750 8.00
During the last two weeks Bank of America Merrill Lynch successfully announced and completed the following deals:
US$1,415m AGTSM for Aegon NV, a Dutch insurance business. The company raised c. 12.6% of the share capital. The book was over 2x covered with in excess of 175 orders; 12 of these were for US$75m or more. The deal priced at the tight discount of 2.4%. Excellent execution during the traditional holiday period clearly demonstrates BAS-ML's superior distribution capability
c. US$645m rights issue for Alapis, a Greek pharmaceutical company. New shares representing c. 50% of the Company’s market cap were issued at 31% discount to TERP, tighter than the marketaverage. Majority shareholders pre-committed to take up his shares ahead of launch, strongly supporting the deal
BAS-ML was active in primary issuance, pricing deals for Macquarie (US$500m) and FIH (US$1bn dual-tranche) in FIG, and Dow Chemical (US$2.75bn multi-tranche), Niagara Mohawk Power (US$750m), GE (US$2bn), Coca Cola (US$250m), Magellan (US$250m tap) and Praxair (US$600m) in the corporate spaceTotal issuance in the last two weeks amounted to US$57.4bn, €9.8bn and £0.9bn. In the emerging markets space, the last two weeks were fruitful with over US$7.5bn equivalent new supply pricedThe most notable deal in EM came from Malaysian government-owned oil producer Petronas, who issued a US$4.5bn offering split between a 5-year (Sukuk) and a 10-year tranche. The combined book was over US$19bn with 500 accounts participatingBAS-ML was in the market with a deal for Petrotemex, the Mexican chemicals maker. This was the high yield issuer’s debut Eurobond, and priced at T+705 bpsWe have seen more Asian issues, with Indonesian Matahari PutraPrima executing a US$200m 3-year deal linked to an exchange of outstanding 09s (US$117m new cash was issued). Another Indonesian issuer in the market was Perusahaan Listrik Negara, the state-owned electricity distribution company, which priced a US$750m dealThe reception of recent EM deals confirms our view that the market is open to issuers across geographies and sectors, and deals can be done at attractive levels. We expect this trend to persist in Q3 and Q4, and anticipate more issuance from EM and the CIS in particular in 2009
Equity Deals Arranged by Bank of America Merrill Lynch
€ 3.00
€ 4.00
€ 5.00
€ 6.00
10-Jul-09 16-Jul-09 23-Jul-09 30-Jul-09 6-Aug-09 13-Aug-09
Equity Deals Arranged by Bank of America Merrill Lynch
Transaction HighlightsDeal Terms Date 13 August 2009
Issuer Aegon NV
Listing/Ticker Amsterdam, NY / AGN NA, AEG US
$ $Offer Structure Accelerated Global TenderSM – 100% primary shares
Offer Size / Statistics
€1,000m / US$1,415m c. 12.6% of ISC c. 12 trading days
Offer Price €5.25 (2.4% below the close on the day of execution)
Lock Up 90 days (to the issuer)
Use of Proceeds Repay €1bn of €3bn of government funding received in 2008 Repay at par rather than trigger penalty repayment post 2009
Syndicate Joint Bookruners: Merrill Lynch International, JPM, RBS
5
Aegon €1,000m AGTSM - Landmark August Transaction Execution
On August 13th BAS-ML acted as joint bookrunner on a €1,000m primary AGTSM for Aegon NV
Proceeds will be used to repay €1bn of €3bn of government funding received in 2008
The client took advantage of an early redemption right allowing the company to repurchase at, or close to, par
There have only been 3 accelerated trades over US$1bn executed in the month of August in EMEA since 2004 and BAS-ML have bookrun 2 of them
Despite the fact there was no pre-sounding and the transaction was launched in the midst of the European August holiday period, the book was over 2x covered with in excess of 175 orders; 12 of these were for US$75m or more
Diversified demand, coming from sector specialists, hedge funds and US institutions meant the order book was covered within hours of launch
The transaction was priced at €5.25, a discount of 2.4% to the closing price on the day of execution
Highly opportunistic capital raise, with the client taking advantage of the strong rebound in share price over the preceding month: up 41%
Client confidentiality was completely preserved with the stock trading up 3.1% on day prior to launch
This transaction confirms BAS-ML’s dominant position in the European FIG space as financial institutions continue to raise capital in order to repay Government capital and strengthen balance sheets
August 09
€1,000m
Joint Bookrunner
Primary AGTSM
Netherlands
Opportunistic Capital Raise
+41.1%
Offer Price: €5.25Aegon, on the advice of BAS-ML, successfully
accessed the capital markets, taking advantage of the strong market backdrop
€ 3.72
Debt Deals Arranged by Bank of America Merrill Lynch
6
Transaction Highlights
Optimal Pricing Strategy on the Back of Strong Investor Demand
Because of the non-call on US$400 million of subordinated bonds, bankers and investors speculated that Woori would have a difficult time in raising more debt in the international market. Despite the skepticism, the senior issue received strong demand
Initially marketed with a whisper of UST+475bps, with a strong order book, the final guidance was at UST+450-475bps and the transaction was priced at UST+450bps at the tight end of the price guidance
On the back of strong investor demand that reached nearly US$8.54 billion, the transaction was priced at the end of the final price guidance at Mid Swaps+390
The book was 10.68x oversubscribed with 350 high quality investors participating in the transaction
– Asset Management 51%, Bank/ Trust: 13%, Insurance/Funds: 6%, Retail/Private Bank: 30%
– Geographical distribution: US: 26%, EMEA: 18%, Asia: 56%
July 28, 2009
US$ 800,000,000
Joint Bookrunner and Billing & Delivery Agent
7.000% Senior Notes Due 2015
A2 / A- / A-
Woori Bank US$800m 5.5-year Senior Notes OfferingDebt Deals Arranged by Bank of America Merrill Lynch
7
Key Transaction Terms
Debt Deals Arranged by Bank of America Merrill LynchWoori Bank US$800m 5.5-year Senior Notes Offering (Cont’d)
Issuer: Woori Bank
Securities: Fixed Rate Senior Unsecured Notes
Offering Size: US$800,000,000
Coupon: 7.000%
Price: 99.578%
Offer Spread: 5-year UST + 450bps (Equivalent to US$ 3month Libor + 384bps)
Pricing Date: July 28, 2009
Settlement Date: August 2, 2009
Maturity Date: February 2, 2015
Distribution: 144A / Reg.S
Ratings: A2 Stable (Moody’s) / A- Negative (S&P) / A- Negative (Fitch)
Listing: Singapore Stock Exchange
Geographical Breakdown
8
Allocation Breakdown
The Woori deal commanded strong demands from investors in challenging market conditions and the total book reached approximately US$8.54bn from 350 high quality investor accounts
Investor Type Breakdown
Europe18%
US26%
Asia56%
Retail andOthers30%
CommercialBank13%
Insurance/Pension
6%
AssetManager/
Hedge Fund51%
Debt Deals Arranged by Bank of America Merrill LynchWoori Bank US$800m 5.5-year Senior Notes Offering (Cont’d)