Kumgang Korea Chemical prices debut bond

A second Korean corporate has whet the appetite of international investors.

Korea's largest diversified manufacturer of glass, industrial paint and building materials priced a debut $100 million bond via sole lead JPMorgan late last week. The seven-year euro-144a deal came in line with the secondary market levels of its nearest comparable, a $250 million bond by SK Corp which launched at the end of May.

BBB-Baa3-rated Kumgang came flat to SK Corp on a like-for-like basis and, similar to almost all Asian bond deals so far this year, did not need a new issue premium to clear the market. With 15bp on the Korean yield curve, the deal was priced at 270bp over Treasuries on a seven-year maturity against a...

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