By Christine Van Dusen
Atlanta, Sept. 4 - South Korea priced a $1 billion issue of 3 7/8% 10-year notes (Aa3/A+/AA-) at 98.791 to yield 4.02%, or Treasuries plus 115 basis points, a market source said.
The notes priced at the tight end of talk, set at Treasuries plus 115 bps to 120 bps.
Citigroup, Deutsche Bank, Goldman Sachs, HSBC, Korea Development Bank and Woori Investment and Securities are the bookrunners for the Securities and Exchange Commission-registered transaction.
The proceeds will become part of the sovereign's Foreign Exchange Stabilization Fund, which is used for selling and purchasing foreign securities, depositing or lending, guaranteeing debt, and temporarily paying foreign currency debt incurred by Korean institutions, according to a filing with the SEC.
| Issuer: | South Korea
|
| Amount: | $1 billion
|
| Maturity: | Sept. 11, 2023
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup, Deutsche Bank, Goldman Sachs, HSBC, Korea Development Bank, Woori Investment and Securities
|
| Coupon: | 3 7/8%
|
| Price: | 98.791
|
| Yield: | 4.02%
|
| Spread: | Treasuries plus 115 bps
|
| Trade date: | Sept. 4
|
| Settlement date: | Sept. 11
|
| Expected ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 115 bps to 120 bps
|
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