Kookmin issues Asia's first covered bond

Korea's biggest bank attracts strong demand for a $1 billion five-year covered bond issue, and avoids the constraints and stigma attached to government guarantees.

South Korea's biggest lender Kookmin Bank raised $1 billion from a five-year covered bond issue yesterday morning, after attracting orders worth $6 billion from 250 accounts worldwide.

It was the first ever sale of covered bonds in Asia and Kookmin, a unit of KB Financial Group, was able to price the deal at a lower yield and relative spread than it had indicated during the global marketing process. The deal was organised by joint lead managers Citigroup and HSBC....

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