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 Aa2/AA/AA- by Moody's/S&P/Fitch, 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 assets of KRW16 trillion ($14 5 billion), comprising mainly of SME loans

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