KNOC's $1 billion bond sends Korean credits rallying

The five-year issue by the state-owned oil company comes at the tightest spread for a quasi-sovereign so far this year, and leads to a narrowing of the Korean credit curve.

Korea National Oil Corporation KNOC early Friday Hong Kong time became the latest, and perhaps the last, Korean borrower to tap the international bond markets before the usual summer lull. The wholly government-owned oil company raised $1 billion with a Rule 144aReg-S five-year transaction, and achieved the tightest pricing for a Korean quasi-sovereign issuer so far this year after attracting orders worth at least $7 billion.

The deal was launched at the end of a week of aggressive marketing,...

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