Korea National Oil Corporation Koroil completed its first dollar bond of 2015 on Tuesday, raising $600 million from a 10-year 144a deal that was timed to take advantage of Korea's recent sovereign upgrade.
The Aa3AA-AA- rated deal launched on what appeared to be a relatively good day for Asian credit but conditions turned increasingly sour as the Asian trading day progressed and, by the time the deal priced around lunchtime New York time, markets had become extremely volatile.
Equities markets fell across Europe and the US, while the previous day's sell-off in rates reversed itself as benchmark 10-year Treasury yields tightened 7bp...
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