GS Caltex of Korea prices at tight end

Investors are keen to participate in the highly liquid $500 million benchmark issue.

Korean oil refiner GS Caltex last night priced its $500 million bond at 98bp over US Treasuries in a transaction that attracted $1.45 billion in demand. The BBBBaa1 offering closed with a yield of 5.672%, a coupon of 5.5%, at a price of 98.701, putting it at the tight end of guidance.

Bonds were allocated to 87 investors, with 46% sold to to funds asset managers, 40% to banks, 8% to insurance and 6% to retail and other.


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