Shinsegae retails $300m perpetual bond

The Korean department store operator sells the nation's first dollar hybrid this year, tapping global debt markets while the nation’s local market remains shut.

Shinsegae retails $300m perpetual bond

Department store operator Shinsegae sold a maiden $300 million perpetual bond that is callable in year five late on Tuesday, marketing the instrument during a national holiday and keeping the Korean pipeline flowing after a weak start to the year.

Guaranteed by Kookmin Bank, Korea’s largest bank by assets, the A rated hybrid notes priced with a yield spread of US Treasuries plus 125 basis points, which is 25bp tighter than the initial price...

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