IBK prices tight benchmark

The Industrial Bank of Korea closes the gap with the Korean Development Bank.

An increased $500 million Reg S Eurobond was priced last night Wednesday by joint leads Credit Suisse First Boston, Goldman Sachs and Salomon Smith Barney. Priced at 99.955%, the three-year deal carries a semi-annual coupon of 3.5%, to yield 3.516% or 151.5bp over Treasuries.

On a Libor basis, the deal came at 65bp over, a 2bp to 4bp pick-up over the secondary market trading levels of the KDB's 5.25% November 2006 bond subject to where the swap was completed. IBK is likely to be highly satisfied with result, particularly given that it was able to increase the deal beyond $350 million without having to sacrifice a basis point in pricing.

Despite the fact...

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