By Aaron Hochman-Zimmerman
New York, Jan. 16 - Korea Development Bank priced $2 billion of five-year fixed-rate senior notes (Aa3/A/A+) at a spread of Treasuries plus 675 basis points, according to a market source.
The bonds came at the tight end of talk of 675 bps to 700 bps.
They priced at 99.145 with a coupon of 8%.
BNP Paribas, Deutsche Bank, HSBC, Merrill Lynch and RBS were bookrunners for the registered deal.
There is a put at par if there is any decrease in government holding of the bank.
Proceeds from the sale will be used for general operations, including extending foreign currency loans and repayment of maturing debt.
The KDB is a Seoul-based development lender.
Issuer: Korea Development Bank
Issue: Fixed-rate senior notes
| Amount: | $2 billion
|
| Maturity: | Jan. 23, 2014
|
| Bookrunners: | BNP Paribas, Deutsche Bank, HSBC, Merrill Lynch, RBS
|
| Coupon: | 8%
|
| Price: | 99.145 |
|
| Spread: | Treasuries plus 675 bps
|
| Put: | Change of support put at par
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 23
|
| Distribution: | Off shelf
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | 675 bps to 700 bps
|
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