South Korea is expected to price a five- and 10-year dual-tranche US dollar benchmark bond issue later today and analysts predict it will generate strong investor demand.
An e-mail from the lead managers said that pricing will take place in the New York morning today and that the shorter tranche will be reoffered at a spread of around 400bp over the five-year US Treasury yield, while the 10-year bonds will price at around 437.5bp over the equivalent Treasury note. The range for both tranches is plus or minus 12.5bp.
The lead managers are Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch and Korea's Samsung Securities.
The offering is likely to attract widespread investor...