Joint leads Deutsche Bank and Citigroup priced a maiden $500 million offering for the Korea Highway Corp KHC yesterday Thursday.
The 10-year deal represents one of the only pure benchmarks by a Korean corporate credit in the longer dated sector. However, investor fatigue towards Korean credits was once again clearly evident and while the deal priced within its indicative range, most observers believe the premium relative to the sovereign was a little high.
Having accumulated a $750 million order book, pricing came at 99.066% on a coupon of 4.9% to yield 5.02% or 158bp over Treasuries. Fees totalled 30 cents.
A total of 55 investors are said to...