KNOC achieves lowest coupon for a Korean five-year

Almost 18 months after its $1 billion debut in the global debt markets, Korea National Oil returns with a $700 million five-year bond.

Government-owned Korea National Oil Corporation KNOC priced a $700 million five-year bond early yesterday morning -- its first foray into the international debt market since its $1 billion debut almost 18 months ago. The 144AReg-S notes printed with a fixed-rate 2.875% semi-annual coupon, which is the lowest coupon ever achieved by a Korean issuer on a five-year tenor.

The senior unsecured notes were issued as part of KNOC's $4 billion global medium-term note programme and reoffered at a cash price of 99.838 to yield 2.91%.The yield translated into a spread of 175bp over the five-year Treasury, which was in line with initial guidance. The bonds will mature on November 9, 2015....

¬ Haymarket Media Limited. All rights reserved.

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