IBK prices bond tight

Korean policy bank achieves tightest ever pricing level for five-year funding.

The Industrial Bank of Korea IBK completed its second international FRN yesterday April 20, when it priced a $500 million offering via joint leads ABN AMRO, Barclays Capital and JPMorgan.

IBK, which is rated A3A-A, by Moody's, SP and Fitch, respectively, priced the Reg S deal at par on a quarterly coupon of 27bp over Libor.

Taking advantage of the increasingly strong appetite for floating rate notes in the international debt capital...

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