Hyundai hits market with $500 million benchmark deal

Hyundai Motor Company aggressively prices a five-year $500 million benchmark deal amid a global downturn in the auto industry.

Hyundai Motor Company yesterday raised $500 million from the sale of five-year bonds. The notes were issued by Hyundai Motor Manufacturing Czech with the parent, Hyundai Motor Company, as guarantor to the sale.

The Reg-S144A senior unsecured fixed-rate notes paid a coupon of 4.5% and were re-offered at 99.699 to yield 4.568%. The maturity date has been set to April 15, 2015.

The bookrunners went out with a price whisper in the low 200bp area and, when the formal announcement of the deal came on Monday afternoon Hong Kong time, initial guidance was set at 210bp over the equivalent five-year US Treasury yield. Based...

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