Korea Development Bank updates benchmark for floaters due 2025 to SOFR

By William Gullotti

Buffalo, N.Y., July 5 – Korea Development Bank updated the interest basis for its $40 million floating rate notes due April 29, 2025 (ISIN: XS2164425477), according to a notice with an appended pricing supplement on Wednesday.

Effective July 29, the interest rate will be updated to SOFR plus 125 basis points plus an additional 26.161 bps adjustment spread from Libor plus 125 bps.

For the avoidance of doubt, the reference rate applicable to the notes up to, but excluding, the effective date will continue to be Libor, and the interest payment to be made on the effective date will not be affected by the transition.

The Regulation S notes were issued April 29, 2020 under the bank’s $15 billion global medium term note program.

The lender is based in Seoul, South Korea.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.