Korean Development Bank KDB sold a $1.5 billion dual-tranche bond on Monday, replicating the structure of Export-Import Bank of Korea’s Kexim note issued last week.
The deal received an order book of more than $9 billion from more than 400 accounts, highlighting the appeal of Korean paper, not only from Asian investors but globally, say sources close to the transaction.
US investors accounted for 40% of KDB’s floating rate note FRN tranche, closely echoing Kexim’s track record in attracting non-Asian investors for its deals. The deal was split equally between a three-year FRN and 10-year SEC-registered fixed-rate paper.
“KDB adopted or copied...