Korea Development Bank, or KDB, has returned to the debt markets only a week after selling SFr200 million $194 million of Swiss franc-denominated four-year bonds to Switzerland-based investors. This time it was relying on its home base of Asian accounts to pull a $900 million five-and-a-half year deal over the line.
The senior unsecured and SEC-registered notes pay a fixed-rate coupon of 3.25%, which is said to be the lowest coupon ever from a Korean bank with a maturity over five years. They were re-offered at 99.98 to yield 3.254%. This was equivalent to a spread of 185bp over the five-year US Treasury yield. The maturity date was set to March...
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