Crude market for GS Caltex

Korean oil refiner opts to keep new bond at $300 million as soft market continues.

Joint leads Barclays, Bank of America and Merrill Lynch priced GS Caltex's latest bond last night October 19 on the tighter side of revised guidance after a soft opening for the debt markets in New York. When the Korean oil refiner wrapped up roadshows in London, New York, Singapore and Boston on October 18, many in the market had speculated that the borrower would opt to increase the size to $500 million in order to pay down debts. However, the leads convinced the issuer to maintain the conservative $300 million ceiling in lieu of recent instability in the marketplace.

The notes, rated BBB and Baa1 respectively by SP and Moody's,...

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