In the second deal to come from a Korean policy bank in less than a week, Industrial Bank of Korea IBK priced a rare floating rate note deal that was more than four times oversubscribed on Wednesday September 14. The A3A-A rated deal, led by CSFB, HSBC and Morgan Stanley was a $500 million reg S transaction with a five-year maturity.
Initially marketed to investors on Monday at 34bp to 37bp over swaps, the leads tightened guidance to 33bp-35bp over as the deal picked up momentum throughout the week. The deal priced at the tight end of the indicative range on a coupon of 33bp over...
