Kogas priced a debut $250 million seven-year 144a yesterday Thursday via joint leads Credit Suisse First Boston and Deutsche Bank. The A3A- rated deal was notable for the fact that it priced right through the Korean credit curve and amassed an order book reminiscent of pre-financial crisis Asian Yankee bonds.
Pricing came at 99.635% on a coupon of 4.75% to yield 4.812%. This equated to 120bp over Treasuries or 73.5bp over Libor. Fees were 22.5bp.
At this pricing level, the deal came slightly through a revised indicative price range that started out at 77bp to 82bp over Libor and was then tightened down to 74bp to 78bp over Libor. The...
