The success of a $300 million eurobond for SK Telecom yesterday Wednesday has demonstrated how keen investors remain on Korean paper despite the uncertainty created by the impeachment of the country's president Roh Moo-hyun. Within a day of launching roadshows on Monday, the A3A- rated cellular operator had managed to build up a $2 billion order book, so decided to shut up early, cut out roadshows in the US and price through guidance.
Under the lead of Citigroup and Credit Suisse First Boston, a seven-year 144a deal was priced at 99.271% on a coupon of 4.25% to yield 4.372%. This equates to 118bp over Treasuries, or 79bp over Libor. Fees were 30bp....
