Kookmin brings new FRN to market

Kookmin achieves tightest ever pricing for a Korean commercial bank.

Joint lead managers Bank of America, Barclays Capital and Goldman Sachs priced a new $300 million five-year FRN for Korea's Kookmin Bank on Tuesday night November 28. The deal marks Kookmin's first return to the senior bond markets since June 2003 when it tapped its 4.625% December 2007 bond for $200 million.

Initially marketed to investors at the low to mid 30bp range, guidance was revised to the 30bp level during the roadshows as investor interest grew. The A3A-A rated deal was priced at par on a coupon of 29bp over three-month Libor, the tightest ever for any Korean commercial bank. Fees were said to be 15bp.

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