Hyundai Capital prices $700 million bond inside secondary curve

Hyundai Capital Services successfully closes its $700 million bond at a tight yield amid strong participation by US investors.

Hyundai Capital Services has kicked off Korean issuance this year with a well-received $700 million 5.5-year bond which closed early Friday morning. Notably, the new Reg-S144A bonds priced inside the auto financing company’s secondary market yield curve.

The bonds priced to yield 245bp above US Treasuries, which was at the tight end of guidance at 255bp over Treasuries -10bp. At around noon on Friday the bonds had tightened by a further 6bp in the secondary market and were quoted at Treasuries plus 239bp238bp.

The deal gathered an order book of $4.8 billion from 300 accounts. The coupon was fixed at 4.375% and the notes were...

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