, South Korea

Kyobo Life to issue $500m hybrid bonds

The 30-year bonds will all be sold to offshore investors.

South Korea’s Kyobo Life Insurance will be issuing $500M worth of hybrid bonds to bolster its capital ratios.

The 30-year bonds, which will be sold to offshore investors, will carry an annual interest rate of 5.9% and a capp option after five years.

According to Kyobo Life, the sale of the bonds is to help prepare for potential risks in the run-up to the implementation of tougher international financial requirements next year.

As of March, Kyobo Life has a risk-based capital ratio of 205.1%. South Korean life insurers are advised to have 150% or more.

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