South Korea sets price talk for $1 billion equivalent global notes

By Reshmi Basu

New York, Nov. 28 - The Republic of Korea set price guidance for its $1 billion equivalent offering of senior unsecured notes (A3/A/A+), according to a market source.

Price talk for the tranche of 10-year dollar-denominated global notes was set at mid-swaps plus 23 to 26 basis points, while guidance for the tranche of 15-year euro-denominated global notes was issued at mid-swaps plus 26 to 29 bps.

The country intends to price the two-part deal on Thursday morning 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 bps spread to mid-swaps and a $400 million tranche of 5 5/8% bonds due November 2025 that priced at a 95 bps spread to Treasuries.

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