Industrial Bank of Korea prices $1 billion bond

IBK becomes the sixth Korean borrower to tap the US dollar market this year.

The relentless invasion by South Korean borrowers into Asia's debt capital markets continues, reinforcing their domination of the territory.

Industrial Bank of Korea IBK, which is 51%-owned by the state, is the latest Korean issuer to bring a US dollar deal, pricing a $1 billion benchmark bond early this morning, Hong Kong time.

The bond pays a coupon of 7.125% and was priced at 99.265 to yield 7.303% to a maturity date of April 23, 2014. This translates into...

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