Korea Highway steadies Asian bond market

Quasi sovereign credit brings some cheer to regional bond market.

Korea Highway priced its third international bond issue in New York on Tuesday May 17 raising $500 million from a Citigroup, JPMorgan and UBS led deal. The A3A- sovereign rated issued was priced against a backdrop of renewed spread widening, with the Korean curve out about 8bp to 10bp over the course of roadshows.

However non-syndicate bankers felt the credit and its lead managers had done a good job executing the deal, which went onto to trade well in the immediate secondary market. Getting the pricing right and holding a deal steady afterwards is not easy in these markets, said one banker. Executing a transaction without any hitches is...

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