kdb-launches-1-billion-dualtranche-bond

KDB launches $1 billion dual-tranche bond

Depfa Bank to joint manage KDB's seven-year euro-denominated FRN.

Rosie Slater

March 27, 2007

The Korea Development Bank KDB has announced its intention to raise $1 billion though a dual-tranche dollar- and euro-denominated floating-rate note, due to price today or tomorrow. The bank has appointed bookrunners UBS, Merrill Lynch, JPMorgan, and ABN AMRO, as well as joint-lead manager Depfa Bank which was approached to add momentum to the deal. Depfa will provide a lead order in the seven-year euro tranche.

Initial guidance for the global SEC-registered bond rated A3AA has been set at 14bp-16bp over dollar Libor, and 24bp-27bp over Euribor. Export-Import Bank of Korea's Kexim 10-year eurobond is currently trading at 28bp-29bp over Euribor.

Some market observers speculate that the price may...

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