Korea Development Bank priced its first Swiss franc bond in two years when it came to market early yesterday morning with a SFr200 million $194 million four-year security.
The notes pay a fixed-rate coupon of 1.75% and were issued at a price of 100.232 to yield 1.74%. This was equivalent to a spread of 100bp over mid-swaps.
KDB held investor meetings with Switzerland-based accounts on Monday through Wednesday this week together with its joint bookrunners, BNP Paribas and Credit Suisse. The discussion was dominated by questions over KDB’s potential move towards privatisation however, in the end, this didn’t affect either the investor interest or the credit quality of the bonds.
KDB launched the deal...