LGE launches new Korean corporate benchmark

LGE offers rare Korean corporate issue.

LG Electronics LGE, Korea's second largest electronics manufacturer has finally been able to raise the full $600 million it was looking for, after being forced to postpone one attempt last month. Under the lead of Citigroup, Credit Suisse First Boston, Lehman Brothers and Korea Development Bank, the Baa3BBB- rated group priced a five-year fixed rate deal on Friday June 10.

Back in mid-May the group had set out with hopes of rasing $600 million via twin five and 10-year tranches, which had been respectively marketed at 120bp and 140bp over Treasuries. The deal was restructured last week as a straight five-year tranche, with a provisional issue size...

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