Asia’s investment-grade borrowers have had a slower start this year, with much of the bond issuance so far skewed towards high-yield. But Korea Development Bank KDB redressed the balance early Wednesday morning when it closed a $1 billion dual-tranche bond, offering investors the chance to diversify away from the flood of Chinese real estate paper.
It was the second Korean borrower to tap the bond market after Kookmin Bank issued $300 million last week. And while most of the borrowers have been tapping the Reg-S market, KDB tapped the onshore US market with an SEC-registered deal that was split evenly between the three-year and five-year bonds.
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