KDB taps euro market for €200 million

The Korean policy bank takes advantage of market window to tap existing €500 million issuance.
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KDB's headquarters in Seoul
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<div style="text-align: left;"> KDB's headquarters in Seoul </div>

 

Korea Development Bank has raised 200 million through a tap of its 500 million five-year benchmark due in May 2018.

Demand from investors exceeded 300 million, according to one of the lead banks, which said that KDB chose to cut back accounts and print a smaller deal to leave room for the bonds to perform in secondary markets.

The tap priced at 98.799%, which represents a spread of 70bp over mid-swaps in line with the original trade. It offers a coupon of 1.5%.

In all, 40 investors across Europe, Asia and the Middle East took part in the deal, with...

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