Korean telcos engage international debt investors

Korea Telecom prices its first international bond since 1997 while LG Telecom launches roadshows for a debut issue.

Korea's largest integrated telco priced an increased $600 million 10-year bond issue yesterday Thursday via global co-ordinator JPMorgan and joint-bookrunner Deutsche Bank. Daiwa and Goldman were also named as joint leads.

The Baa1A- rated deal was priced at 98.65% on a coupon of 5.875% to yield 6.057%. This equated to 130bp over Treasuries or 76bp over swaps. Fees were 30bp.

Pricing came at the tight end of a 130bp to 132bp range, which had been narrowed from 130bp to 135bp earlier in the week. The deal was also increased from a base size of $500 million after order books closed at the $1.69 billion mark....

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