LG Caltex finds US audience for bond

The Korean oil refiner has bucked the recent trend of Asian bond deals and underpinned its latest 10-year offering with US-driven demand.

A $300 million euro-144a issue priced last night Wednesday in New York, represents LG Caltex's first fixed-rate bond issue since the Asian financial crisis and the first corporate Korean transaction to move out to the 10-year level since then, too.

Led by Credit Suisse First Boston, books closed at about $410 million and led to pricing at 98.712% on a coupon of 7.75% and yield of 280bp over Treasuries. For the July 2011 transaction, this represented the...

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