By Rebecca Melvin
New York, March 3 – Korea Development Bank sold $1.2 billion of notes in three tranches (Aa2/AA/AA-) on Tuesday, including two tranches of fixed-rate notes due 2024 and 2026 and a tranche of floating-rate notes due 2024, according to an FWP filing with the Securities and Exchange Commission.
Specifically, the bank priced $400 million of 0.4% notes due March 9, 2024 at 99.827; $500 million of 1% notes due Sept. 9, 2026 at 99.829; and $300 million of floating-rate notes due 2024 at par to yield SOFR plus 25 basis points.
The floating-rate notes were to have been green notes, according to an earlier filing.
BofA Securities Inc., Citigroup Global Markets Inc., Credit Suisse (Hong Kong) Ltd., J.P. Morgan Securities LLC, KDB Asia Ltd. and Mizuho Securities USA LLC were the joint bookrunners and lead managers of the notes, which were expected to be listed on the Singapore exchange.
Proceeds from the green tranche will be allocated toward financing new or refinancing existing eligible green projects under KDB’s sustainable bond framework, specifically manufacturing rechargeable batteries for electric vehicles and/or constructing or expanding facilities for renewable energy production.
The bank is based in Seoul, South Korea.
| Issuer: | Korea Development Bank
|
| Issue: | Notes
|
| Amount: | $1.2 billion
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., Credit Suisse (Hong Kong) Ltd., J.P. Morgan Securities LLC, KDB Asia Ltd. and Mizuho Securities USA LLC
|
| Trade date: | March 2
|
| Settlement date: | March 9
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| 2024 notes
|
| Amount: | $400 million
|
| Maturity: | March 9, 2024
|
| Coupon: | 0.4%
|
| Price: | 99.827
|
|
|
| 2026 notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 9, 2026
|
| Coupon: | 1%
|
| Price: | 99.829
|
|
|
| Floaters due 2024
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| Amount: | $300 million
|
| Maturity: | March 9, 2024
|
| Coupon: | SOFR plus 25 bps
|
| Price: | Par
|
| Yield: | SOFR plus 25 bps
|
|
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