KDB's new strategy

WG Kim discusses why KDB will avoid issuing a 10-year benchmark.

The Korea Development Bank KDB remains Korea's biggest borrower and had a great start to the year with a Eu500 million issue in early February. This deal priced at 30bp over Euribor, some 4bp inside the bank's dollar Libor curve and inside a similar deal by Kexim.

Another measure of success was that KDB's prior five year deal in euros had priced at 62bp over - indicating that it had halved the spread it had to pay to euro investors since that deal was launched in September 2003. KDB was so pleased with the outcome of this deal that it even told FinanceAsia this February that it could envisage...

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