KNOC achieves lowest coupon for a Korean five-year

Government-owned Korea National Oil Corporation (KNOC) priced a $700 million five-year bond early yesterday morning -- its first foray into the international debt market since its $1 billion debut almost 18 months ago. The 144A/Reg-S notes printed with a fixed-rate 2.875% semi-annual coupon, which is the lowest coupon ever achieved by a Korean issuer on a five-year tenor.