Posco mandates Samurai

Pohang Iron & Steel (Posco) has selected Nikko Salomon Smith Barney and Nomura to lead its second Yen-denominated bond offering of the year.

The world's largest steel manufacturer, Pohang Iron Steel Posco, is hoping that strong demand for yen product will enable it to price a new three-year offering inside of a three-year deal launched only two months ago.

Since the last offering, US rating agencies Moody's and Standard Poor's have upgraded the group by one notch. Bankers believe that the stronger credit fundamentals will play well in the Japanese market, where improving liquidity has created demand for quality assets with a yield kicker.

Posco brought its last deal to market in May, with Nikko Salomon Smith Barney again selected as lead manager alongside Bank of Tokyo-Mitsubishi. Raising Ñ15 billion $138.6 million, the...

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