KT Corp uploads upsized ten-year deal

Korean Telecom launches rare deal tighter and larger than expected.

KT Corp launched its third US dollar denominated corporate issue late on Monday July 12, raising $400 million from a 10-year Reg S 144A accelerated deal led by Goldman Sachs, JPMorgan, Merrill Lynch and UBS.

The A3A rated notes priced inside of initial guidance of 100bp to 105bp over US treasuries. Pricing was fixed at 98.086% on a coupon of 4.875% to yield 5.122%. This equates to 98bp over 10-year US treasuries, or 55bp over Libor.

The deal was initially marketed to investors as a $300 million deal, but bankers increased the size after garnering overwhelming support for the deal, which closed seven...

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