IBK returns to the international bond markets

Supply pressures widen the necessary pricing premium to the Korea Development Bank.

Lead managers JPMorgan and Merrill Lynch priced a new $350 million Reg S deal for the Industrial Bank of Korea IBK yesterday Tuesday. Pricing of the five-year deal came at 99.362% on a coupon of 4.375% to yield 4.519% or 130bp over Treasuries.

This represented a 13bp pick-up to the Korea Development Bank KDB, which was bid at 117bp at the time of pricing and 9bp pick-up to the Export Import Bank of Korea Kexim, which...

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