Hyundai Motors prices rare corporate benchmark

The Korean auto manufacturer has redeemed an exchangeable with an unusual eurobond.

Joint leads Credit Suisse First Boston, JPMorgan and Morgan Stanley completed an upsized $400 million five-year deal for Hyundai Motors on Friday.

The transaction was issued in the name of Equus Cayman Finance Ltd and was priced well inside initial guidance of 190bp to 200bp over Libor. And like most of last week's Korean deals, the leads deliberately went out with wide pricing in the hope of building the kind of momentum, which would draw in global accounts.

Indicative pricing was then tightened down to 180bp to 190bp over Libor, before the leads gave final guidance in the last few hours before pricing around the 225bp over Treasuries. Pricing came...

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