Korea National Oil Corporation KNOC early Friday Hong Kong time became the latest, and perhaps the last, Korean borrower to tap the international bond markets before the usual summer lull. The wholly government-owned oil company raised $1 billion with a Rule 144aReg-S five-year transaction, and achieved the tightest pricing for a Korean quasi-sovereign issuer so far this year after attracting orders worth at least $7 billion.
The deal was launched at the end of a week of aggressive marketing, and gathered such momentum that other recent Korean bond issues also rallied strongly, attracting European as well as Asian demand.
This was the first ever offshore public offering by KNOC, and the proceeds will...
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