KDB tops Kexim (surprise surprise)

KDB''s aggresive pricing strategy enables quasi-sovereign to price inside of Kexim.

In the second deal to come from a Korean quasi-sovereign in little over a week, Korea Development Bank KDB priced the country's third floating rate note deal from a policy bank early Wednesday morning November 16. The AAA3 FitchSPMoody's rated deal, led by Barclays, Credit Suisse First Boston and Morgan Stanley, was a $500 million Reg S transaction with a rare seven-year maturity.

The seven-year deal underlines the KDB's reputation as one of the region's most shrewd borrowers and was well timed to take advantage of growing investor appetite for FRNs.

Price at par on a coupon of 28bp...

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