New Issue: Korea Development Bank prices $750 million 3½% 5.5-year notes at 275 bps spread

By Paul A. Harris

Portland, Ore., Feb. 14 - Korea Development Bank priced a $750 million issue of 3½% 5.5-year notes (A1/A/A+) at a 275 basis points spread to Treasuries on Tuesday, according to market sources.

The spread came at the tight end of the Treasuries plus 280 bps price talk. Initial guidance was 295 bps.

The joint bookrunners were BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch, Hongkong and Shanghai Banking Corp. Ltd., J.P. Morgan Securities LLC, KDB Asia Ltd. and Royal Bank of Scotland plc.

Issuer:	Korea Development Bank
Amount:	$750 million
Maturity:	Aug. 22, 2017
Securities:	Notes
Bookrunners:	BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch, Hongkong and Shanghai Banking Corp. Ltd., J.P. Morgan Securities LLC, KDB Asia Ltd., Royal Bank of Scotland plc
Coupon:	3½%
Price:	99.599
Spread:	Treasuries plus 275 bps
Trade date:	Feb. 14
Settlement date:	Feb. 22
Ratings:	Moody's: A1
	Standard & Poor's: A
	Fitch: A+
Distribution:	Rule 144A and Regulation S
Price talk:	Treasuries plus 280 bps area (initial guidance was 295 bps area)

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