KDB sets standard with new Euro FRN

Korean quasi-sovereign breaks another record with lowest priced Korean euro FRN in Asia's five-year space.
Korea Development Bank KDB priced its first deal of the year on Thursday night March 2, with a Ç500 million five-year FRN. The AAA3 FitchSPMoodyÆs rated deal was led by ABN AMRO, Barclays Capital, and Citigroup.

The Reg-S transaction priced at par on a coupon of 20bp over three-month Euribor, equivalent to 18bp over Libor on an asset swap basis. At this level, it is the tightest Euro-denominated five-year offering from Korea since the financial crisis.

Following up on its success last November, KDB once again managed to price through its own secondary curve. KDBÆs own February 2010 Euro FRN was trading at 20bp over Libor,...

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