KNOC seizes opportunity to price $1 billion bond

KNOC pushes ahead with a global bond as borrowers remain at the mercy of the European debt crisis.

KNOC seizes opportunity to price $1 billion bond

Korea National Oil Corp KNOC priced a $1 billion five-year senior bond early this morning, capturing what could well prove to be a brief window in the market. Barclays Capital, Bank of America Merrill Lynch, HSBC, KDB and Royal Bank of Scotland were joint bookrunners.

KNOC is a wholly government-owned upstream exploration and production company. Its bonds priced at Treasuries plus 310bp, about 20bp inside the initial price guidance, which was in the area...

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