IBK issues tightly priced five-year dollar bond

State-owned Industrial Bank of Korea exploits its scarcity value to raise $500 million in an aggressively priced bond deal.

Industrial Bank of Korea IBK followed close on the heels of Korea East-West Power KEWP by launching a successful dollar deal late on Tuesday night. Like the thermal power generation company, which priced a deal 24 hours earlier, IBK is state-owned, tapped the five-year part of the yield curve and raised $500 million.

However, there was a significant difference IBK and its five advisers were more aggressive, sparing investors little if any new-issue premium....

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