April 26, 2024

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Standard Chartered Bank Korea said on June 27 it has raised 500 billion won ($432.5 million) via an issuance of won-denominated covered bonds.

The debt offering will help SC Bank Korea secure a stable cash flow, the bank said in a statement. Covered bonds are a type of debt securities that are backed by a separate group of assets.

The bonds, which have a maturity of five years, carry a yield of 1.66 percent, according to the statement.

In the first quarter of this year, SC Bank Korea saw its net profit drop 12.5 percent on year to 10.9 billion won.

The decline came as the bank reported a poor performance in its wealth management business.

By Ram Garikipati and newswires (ram@heraldcorp.com)