KDB launches upsized benchmark bond

Policy bank sets pricing inside guidance on an increased US-dollar benchmark bond deal.

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 A2A 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.

The transaction was priced aggressively relative to the most recent five-year offering from Kexim, launched in March. Kexim's 2010 issue was trading at around 34bp over at...

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