LG Telecom's premium line

Korean cellular operator re-opens Asian high yield market - at a price.

Korea's smallest cellular operator completed its first international bond issue on Friday, raising $200 million from a five-year eurobond led by Credit Suisse First Boston.

The Ba2BB rated deal was priced at 98.01% on a coupon of 8.25% to yield 8.75%. This equated to 510bp over Treasuries and about 455bp over Libor.

Pricing at this level was significantly higher than most market observers were initially anticipating. But it is less surprising...

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