KDB delivers strong performance in New York

Both the dollar and euro tranches of the floating-rate note deal price at the tight end of guidance.

Korean Development Bank's KDB dual-tranche bond pleased the crowds in New York on Monday, building an order book of $1.4 billion for the three-year FRN, and almost Ç900 million on the seven-year tranche.

Market observers say the dual-tranche structure was instrumental to the success of the deal. The structure was decided on after KDB received investor feedback during a non-deal roadshow undertaken at the end of January.

Both tranches tightened by one basis point on the secondary market yesterday,...

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