IBK launches rare US$ floater

Right structure allows IBK to compete with KDB and Kexim.

In the second deal to come from a Korean policy bank in less than a week, Industrial Bank of Korea IBK priced a rare floating rate note deal that was more than four times oversubscribed on Wednesday September 14. The A3A-A rated deal, led by CSFB, HSBC and Morgan Stanley was a $500 million reg S transaction with a five-year maturity.

Initially marketed to investors on Monday at 34bp to 37bp...

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