kt-corp-offers-small-rare-deal

KT Corp offers small rare deal

The Korean telecom company issues a $200 million five-year note which prices at the tight end.
KT Corporation, the A-A3-rated Korean telecom company, yesterday issued a $200 million offshore five-year note via bookrunners Goldman Sachs and Citigroup. The deal priced inside guidance at 5.269%, closing with a coupon of 5.125% at a price of 99.374. This equates to 26bp over mid-swaps, 24.5bp over dollar Libor or 72bp over US Treasuries.

Building a total order book of almost $600 million, the deal was three times oversubscribed. The company allocated accounts to 30 investors in a broad distribution for this transaction. 71% of the bonds sold to Asia - mostly Hong Kong and Singapore - with 29% sold to Europe. KT Corporation sold 60% to banks, 28% to fund and asset managers,...
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