South Korea sets maturities in $1 billion equivalent global note offering

By Reshmi Basu

New York, Nov. 27 - The Republic of Korea set the maturities for its $1 billion equivalent offering of senior unsecured notes (A3/A/A+), according to a market source.

The issue will be comprised of 10-year dollar-denominated and 15-year euro-denominated global notes.

The country intends to price the two-part deal by Thursday, following the completion of investor presentations.

Barclays Capital, Citigroup, Credit Suisse and Korea Development Bank are joint bookrunners for the issue, which has been registered with the Securities and Exchange Commission.

In October 2005, Korea priced $1 billion equivalent of bonds in dollar and euro tranches.

That transaction was comprised of a €500 million tranche of 3 5/8% bonds due November 2015 that priced at a 25 basis point spread to mid-swaps and a $400 million tranche of 5 5/8% bonds due November 2025 that priced at a 95 basis point spread to Treasuries.

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