korail-taps-fiveyear-bond-for-another-200-million

Korail taps five-year bond for another $200 million

The railway operator sells more of its 2013 bonds from May at a 25bp-30bp re-offer premium.
August 27, 2008
Korea Railroad Corporation (Korail) has reopened its $300 million five-year 144A bond originally issued on May 8, raising another $200 million and setting a positive backdrop for the upcoming Korean sovereign

According to market sources, the additional paper was well received by investors and the bonds tightened by up to nine basis points on a spread over Treasuries-basis in secondary trading yesterday versus the pricing on Tuesday night The bonds, which mature in 2013 and pay a semi-annual coupon of 5 375%, were priced at 97 813 for a yield to maturity of 5 9125% This represented a spread of 284 76bp over five-year Treasuries and a re-offer premium of about 25bp-30bp versus the 255bp-260bp...
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