Quasi-sovereign oil company Korea National Oil Corp KNOC printed a $1 billion five-year bond through its secondary curve early yesterday morning and then saw the bonds trade tighter, setting a firm tone for what looks like a busy week with debt issuance poised to pick up again.
The deal also added to the rush of investment-grade issuance seen in the first quarter of 2012. KNOC is rated A1 by Moody’s and A by SP and it is 100%-owned by the Korean government. It is a frequent issuer in the debt markets. According to one banker, it usually targets one dollar benchmark a year and also issues in various local...
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