Doosan Power and ICBC bank dollar deals

Unusual credit-enhanced deal from Korea kicks off the week's new issue calendar alongside the second three-year deal by an ICBC branch within the space of a month.

Doosan Power and ICBC Sydney branch kicked off the week's new issue pipeline on Monday with contrasting $300 million transactions.

The Korean credit followed the recent precedent of Korean Air Lines with a credit-enhanced, perpetual non-call three offering that was structured with a 30-year maturity that rolls over into perpetuity.

However, like its predecessor, the transaction is effectively a short-dated note since it features a three-year call option and mandatory put option. This means Doosan Power will either redeem the bonds after three years, or they will be purchased by the Export-Import Bank of Korea Kexim, which provided the guarantee. 

The Reg...

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