KDB mandates bond tap

Credit Suisse First Boston and HSBC win joint books for a re-opening of the policy bank''s 5.25% November 2006 transaction.

After a hard fought competitive bidding process, the two houses were mandated late on Friday for a re-opening of the Korea Development Bank's KDB recent $500 million dollar benchmark, with launch expected either Tuesday or Wednesday pending the completion of due diligence.

The tap shows every sign of being the most difficult transaction to execute in recent Asian bond market history thanks to the combination of a tight hard-underwritten bid, low fees and the market risk engendered by the delay...

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