KDB issues $900 million of SEC-registered notes

Despite the summer lull, Korea Development Bank prints well inside its existing curve, prompting a tightening of Korean policy bank sector bonds by 5bp to 10bp.

Korea Development Bank, or KDB, has returned to the debt markets only a week after selling SFr200 million $194 million of Swiss franc-denominated four-year bonds to Switzerland-based investors. This time it was relying on its home base of Asian accounts to pull a $900 million five-and-a-half year deal over the line.

The senior unsecured and SEC-registered notes pay a fixed-rate coupon of 3.25%, which is said to be the lowest coupon ever from a Korean bank with a maturity over five years. They were re-offered at 99.98 to yield 3.254%. This was equivalent to a spread of 185bp over the five-year US Treasury yield. The maturity date was set to March...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222