Lead managers JPMorgan and Merrill Lynch priced a new $350 million Reg S deal for the Industrial Bank of Korea IBK yesterday Tuesday. Pricing of the five-year deal came at 99.362% on a coupon of 4.375% to yield 4.519% or 130bp over Treasuries.
This represented a 13bp pick-up to the Korea Development Bank KDB, which was bid at 117bp at the time of pricing and 9bp pick-up to the Export Import Bank of Korea Kexim, which was bid at 121bp over. At first sight, pricing seems wide relative to the levels achieved by IBK when it last accessed the market in mid-September. At this point it was able to achieve a...
