The Industrial Bank of Korea IBK has been able to take advantage of the high demand for Korean paper as the first Korean issuer of G3 debt in 2010. The Korean lender early yesterday morning priced a $350 million 5.5-year Reg-S bond with a 4.375% coupon.
The initial guidance was for a yield spread over US Treasuries of between 205bp and 210bp and a deal size between $350 million and $500 million. The final spread was set at the tight end of that range at 205bp over five-year Treasuries. The bonds were re-offered at 99.734 to give a yield of 4.43% to a maturity date of August 4, 2015.
The mandate was announced...
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