Published on 1/23/2017 in the Prospect News Emerging Markets Daily.
New Issue: Industrial Bank of Korea sells $300 million 2¼% notes due 2020 at Treasuries plus 85 bps
By Christine Van Dusen
Atlanta, Jan. 23 – Industrial Bank of Korea sold $300 million 2¼% three-year notes (expected ratings: Aa2/AA-/AA-) at 99.816 to yield 2.314%, or Treasuries plus 85 basis points, a market source said.
The notes were talked at a spread in the 90 bps area.
Commerzbank, Goldman Sachs, HSBC, MUFG and Nomura Securities were the bookrunners for the Regulation S deal.
The lender is based in Seoul.
| Issuer: | Industrial Bank of Korea
|
| Amount: | $300 million
|
| Maturity: | Feb. 6, 2020
|
| Description: | Senior notes
|
| Bookrunners: | Commerzbank, Goldman Sachs, HSBC, MUFG, Nomura Securities
|
| Co-manager: | IBK Securities
|
| Coupon: | 2¼%
|
| Price: | 99.816
|
| Yield: | 2.314%
|
| Spread: | Treasuries plus 85 bps
|
| Trade date: | Jan. 23
|
| Settlement date: | Feb. 6
|
| Expected ratings: | Moody’s: Aa2
|
| S&P: AA-
|
| Fitch: AA-
|
| Distribution: | Regulation S
|
| Price talk: | Treasuries plus 90 bps area
|
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