Korean dollar DCM hits $15.9bn

GS Caltex is marketing a dollar deal, while Kookmin Bank and Korea Gas have hired banks for potential offerings as dollar issuance hits a YTD record.

GS Caltex is selling a $400 million five-year bond, following in the footsteps of other Korean borrowers that have come to market since the sovereign reopened funding doors last week, pushing the country’s dollar issuance to a record high.

The South Korean oil refiner’s 144A and Reg S-registered note has an initial price guidance of Treasuries plus 160bp, and will likely be priced during New York hours on Wednesday, according to a source close to the deal.

GS Caltex will add another $400 million to South Korea’s record-breaking DCM dollar-denominated volume, which has more than doubled to $15.9 billion year-to-date from the $6.2 billion raised during the...

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