HyundaiCard, Korea's biggest credit card company, performed well yesterday when it priced a debut $400 million three-year corporate FRN at par, at 43bp over three-month Libor. Initial price guidance was released Tuesday at 45bp-50bp over Libor, and tightened to 43bp-45bp yesterday. Barclays Capital, Morgan Stanley, the Royal Bank of Scotland and UBS managed the deal.
The offering, rated BBBBBB by Standard and Poor’s and Fitch, was over three times oversubscribed. It attracted 50 investors with 62% of the bonds allocated to Asia and 38% to Europe. 68% were sold to banks, 29% to funds, and 3% to other. The smallest ticket was $200,000, while the biggest order...
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