Kookmin Bank, Korea's biggest lender, returned to tap the international bond markets on Tuesday following its successful and ground-breaking $1 billion covered bond issue at the beginning of last month.
The bank sold $300 million of three-year, Reg-S bonds at 390bp over mid-swap yields in a rapidly executed deal. The transaction was announced at midday on Tuesday and priced about 10 hours later.
While the size of the deal was relatively small, this was the first Asian bank issue denominated in US dollars in the Reg-S market to be issued without a government guarantee or collateral support -- which may explain the presence of no fewer than five lead managers.
Kookmin, which...
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