A slightly scaled back $375 million 10 non call five upper tier 2 deal for Korea First Bank KFB was priced last night Wednesday by joint leads Lehman and UBS Warburg. The March 2013 transaction callable in 2008 was priced at 98.858% on a coupon of 5.75% to yield 5.785% or 320bp over Treasuries. Fees total 75bp.
The leads managed to hold the order book firm at the 320bp indicative level announced earlier this Monday despite a tightening Treasury environment and volatility in Korean spreads as a result of renewed tensions with North Korea. The book is said to have closed at $575 million and at this level about 90% of orders were...
