bonds-for-keb-and-sk-telecom-trade-up

Bonds for KEB and SK Telecom trade up

A five-year FRN from KEB and a 20-year bond from SK Telecom perform well in secondary trading, potentially leading to some stability in the Asian bond market.
July 16, 2007
Two Korean transactions priced on Friday, on the back of a rally that saw 30-year Treasuries tighten to 5.186%, as compared to 5.28% on July 6. Both offerings have traded up on the secondary market.

Calyon, HSBC, Merrill Lynch and Morgan Stanley managed Korea Exchange BankÆs A2BBB $300 million five-year Reg-S FRN bond offering, which priced at the tight end of guidance at 33bp over three-month Libor. Guidance was released on Friday at 34bp over Libor, plus or minus 1bp, as markets stabilised in the US.

KEBÆs bonds have traded 1bp tighter on the secondary market.

The deal was 2.5 times subscribed and attracted approximately $750 million worth of demand. ôItÆs...
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