Korail taps five-year bond for another $200 million

The railway operator sells more of its 2013 bonds from May at a 25bp-30bp re-offer premium.

Korea Railroad Corporation Korail has reopened its $300 million five-year 144A bond originally issued on May 8, raising another $200 million and setting a positive backdrop for the upcoming Korean sovereign.

According to market sources, the additional paper was well received by investors and the bonds tightened by up to nine basis points on a spread over Treasuries-basis in secondary trading yesterday versus the pricing on Tuesday night. The bonds, which mature in 2013 and pay a semi-annual coupon of...

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