By Rebecca Melvin
New York, April 24 – South Korea’s Kookmin Bank priced $500 million of five-year Covid-19 response sustainability bonds (Aa3/A+/) with a 1¾% coupon on Thursday, according to a syndicate source.
The Rule 144A and Regulation S bonds priced at 99.42 to yield 1.872%, or Treasuries plus 150 basis points.
BofA Securities, Citigroup, Commerzbank, HSBC, Societe Generale CIB, Standard Chartered Bank were joint bookrunners of the deal, with KB Securities acting as a co-manager.
The proceeds will be used by the bank to provide loans to support businesses affected by Covid-19 and which satisfy social eligibility criteria of the bank’s sustainable financing framework.
Kookmin Bank is a lender based in Seoul.
| Issuer: | Kookmin Bank
|
| Issue: | Fixed-rate senior bonds
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| Amount: | $500 million
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| Maturity: | May 4, 2025
|
| Bookrunners: | BofA Securities, Citigroup, Commerzbank, HSBC, Societe Generale CIB, Standard Chartered Bank
|
| Co-manager: | KB Securities
|
| Coupon: | 1¾%
|
| Price: | 99.42
|
| Yield: | 1.872%
|
| Spread: | Treasuries plus 150 bps
|
| Pricing date: | April 23
|
| Settlement: | May 4
|
| Expected ratings: | Moody’s: Aa3
|
| S&P: A +
|
| Distribution: | Rule 144A and Regulation S
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