KDB bond

KDB prints $1 billion bond without new issue premium

Korea Development Bank prints a tightly priced $1 billion bond amid improved sentiment.

Korea Development Bank KDB early this morning priced its $1 billion five-and-a-half-year bond at Treasuries plus 280bp. The leads Bank of America Merrill Lynch, Credit Suisse, Daiwa, Goldman Sachs, KDB Asia and Mizuho went out with guidance in the area of Treasuries plus 300bp on Thursday morning and revised that to Treasuries plus 280bp to 290bp, with the bonds eventually pricing at the tight end.

The total order book was more than $6 billion from 350 investors and 48% of the bonds were allocated to Asia, 37% to the US and 15% to Europe. By investor type, fund managers were allocated 39%, banks 23%, corporates and “others” 20%, private banks...

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