Kumgang Korea Chemical prices tap

The diversified manufacturer comes through secondary market spread levels.

The Baa3BBB rated group re-opened its $100 million 7.625% June 2008 deal yesterday Tuesday about five basis points through the offer level of its secondary market spreads. Led by JPMorgan, the company doubled the size of its outstanding deal, with a $100 million transaction re-opened at 106.544% to yield 195bp over five-year Treasuries, or 174bp over the interpolated Treasury curve.

At the time of pricing, bankers say that the group's outstanding deal was being quoted at about 200bp over, having moved very little since roadshows began a week ago. Tight pricing was attributed to the small size of the deal and the fact that it offers a relatively attractive yield pick up for...

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