Korea's SBC makes big splash with $500m bond

After a decade-long absence from international markets, Small and medium Business Corp drew orders totalling more than $3.75 billion.

Korea's state-owned policy lender Small and medium Business Corporation SBC returned to international bond markets for the first time in a decade on Monday, successfully refinancing debt falling due next month at a cheaper rate.

The issuer, which is rated Aa2AAAA- by Moody'sSPFitch, raised $500 million from the sale of a 10-year bond, adding to the region's steady stream of capital raisings as investors fish for income-generating instruments.

SBC is a non-profit government-controlled agency that looks after the interests of Korea's SME sector, in line with the Seoul government's policies. At the end of last year the lender had total...

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