IBK prices bond tight

Korean policy bank achieves tightest ever pricing level for five-year funding.
The Industrial Bank of Korea IBK completed its second international FRN yesterday April 20, when it priced a $500 million offering via joint leads ABN AMRO, Barclays Capital and JPMorgan.

IBK, which is rated A3A-A, by Moody's, SP and Fitch, respectively, priced the Reg S deal at par on a quarterly coupon of 27bp over Libor.

Taking advantage of the increasingly strong appetite for floating rate notes in the international debt capital markets, particularly in Europe, IBK was able to achieve its tightest ever pricing level in the five-year space. Previously, the Korean policy bank tapped the market in September of last year with a similar $500...
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