gs-caltex-of-korea-prices-at-tight-end

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.

Bookrunners Deutsche Bank, Barclays, Goldman Sachs and Citi released an initial guidance of 100bp over Treasuries or 44bp over Libor for the benchmark 10-year Reg-S144a bullet bond, building a book of $500 million two days...
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