Shinhan Financial Group’s $500 Million Subordinated Notes Offering


Simpson Thacher, acting as sole international counsel, represented Credit Suisse (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, Merrill Lynch International, Mizuho Securities Asia Limited, Shinhan Asia Limited and Shinhan Investment Corp., as dealers, in connection with the establishment of the US$5 billion Global Medium Term Note program of Shinhan Financial Group.

In addition, Simpson Thacher, acting as sole international counsel, represented Credit Suisse (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, Merrill Lynch International, Mizuho Securities Asia Limited, Shinhan Asia Limited and Shinhan Investment Corp., as joint lead managers, in connection with the offering of US$500 million 5.875% Tier I Subordinated Notes by Shinhan Financial Group under its Global Medium Term Note program. The offering was conducted in reliance upon Regulation S under the U.S. Securities Act of 1933, as amended. The transaction was reportedly the first issuance of Tier I subordinated notes by a Korean financial holding company.

Shinhan Financial Group is one of the leading financial holding companies in Korea with principal operations in commercial banking, credit card services, securities brokerage and life insurance services and shares listed on the Korea Exchange and the New York Stock Exchange.

The Simpson Thacher team for the transaction included Jin Hyuk Park (Picture) and Joongwon Park (Corporate – Hong Kong); and Rob Holo, Jonathan Cantor, Sarah Julian Duffy and Morgan Otway (Tax).

Involved fees earner: Jin Hyuk Park – Simpson Thacher & Bartlett; Joongwon Park – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Sarah Julian Duffy – Simpson Thacher & Bartlett; Morgan Otway – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Credit Suisse; HSBC; Mizuho Securities; JP Morgan Securities; Merrill Lynch International; Shinhan Asia Limited; Shinhan Investment Corp;

Author: Michael Patrini