Industrial Bank of Korea sells $350 million worth of bonds

Industrial Bank of Korea kicks off Korean G3 issuance in 2010 with senior unsecured 5.5-year notes. Korea Development Bank and Kexim are expected to be next in line.

The Industrial Bank of Korea IBK has been able to take advantage of the high demand for Korean paper as the first Korean issuer of G3 debt in 2010. The Korean lender early yesterday morning priced a $350 million 5.5-year Reg-S bond with a 4.375% coupon.

The initial guidance was for a yield spread over US Treasuries of between 205bp and 210bp and a deal size between $350 million and $500 million. The final spread was set at the...

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