In a pattern becoming increasingly familiar with international bond offerings from Asia in recent weeks, the Korean Development Bank has managed to achieve the lowest outstanding coupon for a borrower of its nationality. Taking full advantage of the10 interest rate cuts seen so far this year and Treasury yields at 40 year lows, the Baa2BBB-rated bank priced a $500 million five-year SEC-registered global bond offering in New York last night Thursday with a semi-annual coupon of 5.25%.
Launched at a fixed price re-offer of 99.415%, the bond yields 5.385% or 182bp over Treasuries. With Barclays and Salomon Smith Barney as joint global co-ordinators, there were an additional 12 co-managers, taking combined...
