Korea back for bonds

The Republic of Korea launches roadshows in Asia today (Monday) for a $1 billion bond deal as Kookmin and IBK prepare to follow.

Joint global co-ordinators Barclays, Citigroup and Goldman Sachs will open presentations for the Republic's new benchmark 10-year global today with investor conference calls in Asia, followed by a roadshow in London on Tuesday and New York on Wednesday. Pricing is expected to take place either Wednesday evening New York time, or Thursday subject to how fast the book builds.

Alongside the three leads, there is a long roll call of co-managers, although none will receive any bonds or fees. The lack of fees is unusual, but not unprecedented and hardly surprising given the miserly figure the Republic has been able to negotiate for itself.

At 15.5bp, the sovereign is paying the...

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