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...