Shinsegae retails $300m perpetual bond

The Korean department store operator sells the nation's first dollar hybrid this year, tapping global debt markets while the nation’s local market remains shut.

Department store operator Shinsegae sold a maiden $300 million perpetual bond that is callable in year five late on Tuesday, marketing the instrument during a national holiday and keeping the Korean pipeline flowing after a weak start to the year.

Guaranteed by Kookmin Bank, Korea’s largest bank by assets, the A rated hybrid notes priced with a yield spread of US Treasuries plus 125 basis points, which is 25bp tighter than the initial price guidance of Treasuries plus approximately 150bp, according to sources familiar with the matter.

Shinsegae’s Reg S-only hybrid bond, the first from a Korean issuer this year, comes with investor-friendly terms.

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