KEB returns to sub debt market

After a six week delay, KEB returns to the international subordinated debt markets for the first time in five years.

Korea Exchange Bank KEB priced an increased $300 million lower tier 2 deal on Friday June 3 via joint leads Citigroup and HSBC. The deal was initially re-marketed as a $200 million issue, but upsized to the size KEB had always intended after attracting an order book of $1.3 billion.

The market's reception to the Baa3BB rated issue shows that confidence is returning to the new issue market, although terms also show that a lot of the pricing power still lies with the investor base.

The 10 non-call five transaction was priced at 99.264% on a coupon of 5% to yield 5.169%. This equated to...

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