KT Corp and Lifestyle raise $700 million driven by Asian demand

With Asia’s dollar bond markets delicately balanced, two companies Lifestyle International and KT Corp priced dollar bonds last night. Both deals were heavily driven by Asian investors, which were allocated 88% and 76% respectively. The rest went to European investors.

Department store operator Lifestyle International priced its $350 million five-year debut bond at Treasuries plus 460bp. The initial guidance was in the area of five-year Treasuries plus 475bp and this was revised to Treasuries plus 460bp to 470bp. Bank of America Merrill Lynch and J.P. Morgan were joint bookrunners.

The Hong Kong company shored up strong support from private banks familiar with its Sogo department store in...