Kookmin Bank executed its second covered bond offering in the space of three months on Thursday, demonstrating new stirrings of momentum in what is still a new asset class for Asia.
The A1AA rated bank's new $500 million five-year offering was almost a mirror image of last October's $500 million transaction, which represented Korea's first covered bond since the enactment of the country's Covered Bond Act in April 2014.
One fund manager said the order book for the new deal closed less than two times covered, similar to the $800 million in demand Kookmin attracted last October.
Pricing was...
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