The City of Seoul has ignited the somewhat moribund Samurai market with an inaugural Y48.5 billion $404 million issue. The deal is structured with five tranches and the proceeds will be used to refinance existing yen liabilities that the City has. Nomura was sole bookrunner on the deal.
- The first tranche is due for repayment in December 2003 and is for Y12.5 billion. It carries a coupon of 0.39%, which equates to a spread over swap levels of 27bp.
- The second tranche is due for repayment in December 2004. It is Y11 billion in size and carries a 0.6% coupon, equating to a 44bp spread to swap levels.
- The third tranche is due in December...