KDB goes to loan market

The Korea Development Bank has gone to the loan market, shunning the high prices that bond investors are demanding.

The Korea Development Bank KDB has successfully closed the arranger group of its first syndicated loan deal in nine years, emphasizing the growing resurgence of loan market products in Asia over the bond markets.

The three year, $300 million deal is priced at 52 basis points bp over six month Libor and carries front end fees of 39bp. Lead arrangers of the deal are Chase Manhattan, Barclays Capital and IBJ. Arrangers of the loan are BNL, Bayerische Landesbank Girozentrale, ICBC, KBC Bank, Tokyo-Mitsubishi International and WestLB.

The loan is fully underwritten by the lead arrangers and arrangers and general syndication started on Monday, October 30. The...

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