KHFC closes Asia's third covered bond

Korea Housing Finance Corp prices non-Japan Asia's third covered bond, with a book anchored by US and Asian investors.

KHFC closes Asia's third covered bond

Korea Housing Finance Corp KHFC beat choppy markets to price a $500 million covered bond early yesterday morning. The deal, which matures in five years and five months, is the third covered bond out of non-Japan Asia and is KHFC’s second deal following its debut issue last year.

Covered bonds are backed by cashflows from mortgages or public-sector loans, similar to asset-backed securities but stay on the issuer’s balance sheet, like secured bonds. Kookmin...

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