Korea's smallest cellular operator completed its first international bond issue on Friday, raising $200 million from a five-year eurobond led by Credit Suisse First Boston.
The Ba2BB rated deal was priced at 98.01% on a coupon of 8.25% to yield 8.75%. This equated to 510bp over Treasuries and about 455bp over Libor.
Pricing at this level was significantly higher than most market observers were initially anticipating. But it is less surprising in the context of a market where no Asian high yield deals have been successfully completed since March and investors have lost a lot of money.
Getting investors back to the...