By Paul A. Harris
St. Louis, Sept. 14 - Industrial Bank of Korea priced a $500 million issue of five-year senior unsecured floating-rate notes (A3/A-/A) at par to yield three-month Libor plus 33 basis points, a syndicate source told Prospect News on Wednesday.
The interest rate came at the tight end of revised price talk of Libor plus 33 to 35 bps. Initially the notes had been talked at a 34 to 37 bps spread to Libor.
Credit Suisse First Boston ran the books. HSBC and Morgan Stanley were the joint lead managers.
The issuer is a Seoul-based commercial bank providing financing for small- to medium-sized enterprises.
| Issuer: | Industrial Bank of Korea
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| Amount: | $500 million
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| Maturity: | Sept. 21, 2010
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| Security description: | Senior unsecured notes
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| Bookrunner: | Credit Suisse First Boston
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| Joint lead managers: | HSBC, Morgan Stanley
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| Coupon: | Three-month Libor plus 33 basis points
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| Price: | Par
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| Yield: | Three-month Libor plus 33 basis points
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| Settlement date: | Sept. 21
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| Ratings: | Moody's: A3
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| Standard & Poor's: A-
|
| Fitch: A
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| Price talk: | Libor plus 33-35 basis points, revised from 34-37 basis points
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