KDB sets standard with new Euro FRN

Korean quasi-sovereign breaks another record with lowest priced Korean euro FRN in Asia's five-year space.

Korea Development Bank KDB priced its first deal of the year on Thursday night March 2, with a Ç500 million five-year FRN. The AAA3 FitchSPMoodyÆs rated deal was led by ABN AMRO, Barclays Capital, and Citigroup.

The Reg-S transaction priced at par on a coupon of 20bp over three-month Euribor, equivalent to 18bp over Libor on an asset swap basis. At this level, it is the tightest Euro-denominated five-year offering from Korea...

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