KDB first to tap bond market after sovereign upgrade

Policy bank Korea Development Bank (KDB) was first out of the gate on Wednesday, tapping investors with its inaugural 10-year dollar bond. The $750 million bond followed shortly after Moody’s upgraded the Korean sovereign to Aa3 from A1 last week. KDB, along with a number of other state-owned institutions were also upgraded and, capitalising on this, the policy bank swiftly launched a trade, taking advantage of the liquidity in the market to widen its investor base and push out an aggressive print.