Korea Land priced a debut $500 million bond issue on Tuesday via joint leads Citigroup and Deutsche Bank. The government-owned group managed to push the 10-year deal through despite deadened demand ahead of the next FOMC meeting in June and the postponement of a subordinated debt deal for the National Agricultural Co-Operative Federation NACF the day before.
Pricing of the A3A- rated deal came at 98.347% on a coupon of 5.75% to yield 5.972% or 125bp over Treasuries. At pricing, this equated to a 9bp premium to fellow government-owned agency Korea Highway, whose April 2014 deal was trading at 116bp over Treasuries.
Korea Land's deal represents...
