By Christine Van Dusen
Atlanta, Oct. 27 - Korea Development Bank priced a $1 billion issue of 3 7/8% notes due April 4, 2017 (A1/A/) at 99.549 to yield 3.967%, or Treasuries plus 280 basis points, a market source said.
The notes priced at the lower end of talk, set at the Treasuries plus 280 bps to 290 bps area.
Bank of America Merrill Lynch, Credit Suisse, Daiwa Capital Markets, Goldman Sachs, KDB Asia and Mizuho Securities were the bookrunners for the Securities and Exchange Commission-registered deal.
Proceeds will be used for general operations, including extending foreign currency loans and repayment of debt.
Korea Development Bank is a lender based in Seoul, South Korea.
| Issuer: | Korea Development Bank
|
| Amount: | $1 billion
|
| Maturity: | April 4, 2017
|
| Description: | Notes
|
| Bookrunners: | Bank of America Merrill Lynch, Credit Suisse, Daiwa Capital Markets, Goldman Sachs, KDB Asia, Mizuho Securities
|
| Coupon: | 3 7/8%
|
| Price: | 99.549
|
| Yield: | 3.967%
|
| Spread: | Treasuries plus 280 bps
|
| Trade date: | Oct. 27
|
| Settlement date: | Nov. 4
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Distribution: | Securities and Exchange Commission registered
|
| Price talk: | Treasuries plus 280 bps to 290 bps
|
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