KDB discovers its American roots

Almost for the first time since the financial crisis, US investors drive an Asian bond deal.

Korea's proxy sovereign borrowing, Korea Development Bank KDB priced a $750 million twin-tranche global bond offering in New York yesterday.

In an apparent effort to forestall a pure sovereign transaction and answer critics who accuse it of an inflexible and unprofessional attitude, the bank went out of its way to listen to the market. And KDB appeared to have acquitted itself after it accelerated launch of the transaction to take advantage of stronger Treasury and swap spreads and switched the sizes of the two tranches. This led to an increase of the 10-year tranche from $250 million to $450 million and reduction of the five-year tranche from $500 million to $300 million.

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