kdb-raises-2-billion-in-second-korean-bond-sale

KDB raises $2 billion in second Korean bond sale

Korea Development Bank's benchmark deal follows on the heels of Kexim's $2 billion offering and lifts hopes that credit markets are re-opening.
Korea Development Bank KDB sold $2 billion of five-year global bonds on Friday, pricing inside the launch spread of the Kexim benchmark deal last Monday. The KDB issue was double the size indicated earlier in the week and strong demand was also evident in early secondary market trading with the yield spread narrowing 25bp.

The bonds were issued at 99.145 with a coupon of 8%, yielding 8.212%, which at 675bp over US Treasuries was at the tight end of the initial 670bp-700bp price guidance. That corresponded to 618bp over mid-swaps Kexim came at 625bp. BNP Paribas, Deutsche Bank, HSBC, Merrill Lynch and Royal Bank of Scotland arranged the transaction.

KDB is rated Aa3 by...
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