By Aaron Hochman-Zimmerman
New York, May 6 - Kookmin Bank priced $1 billion of five-year covered bonds at a spread of Treasuries plus 550 basis points (A2/A/A+), according to a market source.
The 7¼% securities came to market at 98.68 to yield 7.572%.
Citigroup and HSBC acted as bookrunners for the Rule 144A and Regulation S deal.
The bonds are asset-backed covered bonds.
Kookmin Bank is a Seoul-based retail and commercial lender.
Issuer: Kookmin Bank
Issue: Asset-backed covered bonds
| Amount: | $1 billion
|
| Maturity: | May 14, 2014
|
| Coupon: | 7¼%
|
| Price: | 98.68
|
| Yield: | 7.572%
|
| Spread: | Treasuries plus 550 bps
|
| Bookrunners: | Citigroup, HSBC
|
| Distribution: | Rule 144A, Regulation S
|
| Pricing date: | May 6
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch A+
|
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