By Christine Van Dusen
Atlanta, June 4 - The Republic of Korea priced a two-tranche issue of €750 million notes due 2024 and $1 billion notes due 2044, according to a company filing on Wednesday.
The €750 million of 2 1/8% notes due June 10, 2024 priced at 99.653 to yield mid-swaps plus 57 basis points. The notes were talked at a spread of 65 bps to 70 bps before guidance was revised to a spread in the 60 bps area.
The $1 billion of 4 1/8% notes due June 10, 2044 priced at 99.692 to yield Treasuries plus 72.5 bps. The notes were talked at a spread in the 95 bps area before guidance was revised to a 75 bps spread.
Barclays, BofA Merrill Lynch, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, KDB Bank and Samsung Securities were the bookrunners for the Securities and Exchange Commission-registered deal.
The proceeds will become part of the sovereign's Foreign Exchange Stabilization Fund, which is used for selling and purchasing foreign currencies, depositing or lending to the Bank of Korea and others, guaranteeing debt and paying foreign currency debt.
| Issuer: | Republic of Korea
|
| Bookrunners: | Barclays, BofA Merrill Lynch, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, KDB Bank and Samsung Securities
|
| Trade date: | June 3
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| Settlement date: | June 10
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| Distribution: | Securities and Exchange Commission registered
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|
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| Euro notes
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| Amount: | €750 million
|
| Maturity: | June 10, 2024
|
| Coupon: | 2 1/8%
|
| Price: | 99.653
|
| Spread: | Mid-swaps plus 57 bps
|
| Price talk: | Mid-swaps plus 65 bps to 70 bps, revised to 60 bps area
|
|
|
| Dollar notes
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| Amount: | $1 billion
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| Maturity: | June 10, 2044
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| Coupon: | 4 1/8%
|
| Price: | 99.692
|
| Spread: | Treasuries plus 72.5 bps
|
| Price talk: | Treasuries plus 95 bps area, revised to 75 bps
|
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