KDB launches upsized benchmark bond

Joint leads HSBC, JPMorgan and Merrill Lynch priced Korea Development Bank's new five-year benchmark inside of initial guidance on Friday (September 9). The A2/A rated deal was launched at $500 million in size with an indicative price of 33bp over mid-swaps, but after building strong momentum was upsized to $750 million. Pricing was fixed at 99.709% on a semi-annual coupon of 4.691% to yield at 3.157%. This equated to 76bp over the 4.125% 2010 US Treasury and 32bp over mid-swaps.