LG Electronics issues upsized five-year FRN

New regulations preventing local Korean investors from buying corporate paper has an impact on the bond's pricing.

LG Electronics, a leading company in the global consumer electronics market, priced a $500-million deal last night at 73bp over three-month dollar Libor. The deal came in at the mid-point of initial guidance released earlier this week of 70bp-75bp over mid-swaps. The five-year Reg-S senior FRN, rated BBB-Baa3, closed with a coupon of 65bp over Libor and a discount margin of 73bp over Libor.

The deal was managed by Deutsche Bank, HSBC, JPMorgan, KDB and...

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