By Aaron Hochman-Zimmerman
New York, April 16 - Industrial Bank of Korea priced $1 billion of five-year bonds at a spread of mid-swaps plus 556.6 basis points (A2/A/A+), according to a source familiar with the deal.
The bonds priced at 99.265 with a 7 1/8% coupon to yield 7.303%.
The spread fell wide of guidance for a spread of mid-swaps plus 525 bps to 550 bps.
Barclays, Citigroup, Merrill Lynch and Morgan Stanley acted as bookrunners for the Rule 144A and Regulation S deal.
The Industrial Bank of Korea is a Seoul-based retail and commercial bank.
Issuer: Industrial Bank of Korea
| Amount: | $1 billion
|
| Maturity: | 2014
|
| Coupon: | 7 1/8%
|
| Price: | 99.265
|
| Yield: | 7.303%
|
| Spread: | Mid-swaps 556.6 bps
|
| Bookrunners: | Barclays, Citigroup, Merrill Lynch, Morgan Stanley
|
| Pricing date: | April 16
|
| Settlement date: | April 23
|
| Distribution: | Rule 144A/Regulation S
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | Mid-swaps plus 525 bps to 550 bps
|
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