New Issue: Korea Development Bank sells €500 million 5/8% five-year notes at mid-swaps plus 40 bps

By Paul A. Harris

Portland, Ore., July 12 – Korea Development Bank priced €500 million of 5/8% five-year senior notes (expected ratings Aa2/AA/AA-) at mid-swaps plus 40 basis points, according to a market source.

The spread came at the tight end of the mid-swaps plus 40 bps to 43 bps spread talk; initial spread talk was in the mid-swaps plus low 50 bps area.

Joint bookrunner HSBC will bill and deliver for the Regulation S offering. BNP Paribas, Deutsche Bank, ING and SG CIB are also joint bookrunners.

The issuer is a Seoul, South Korea-based commercial lender.

Issuer:	Korea Development Bank
Amount:	€500 million
Maturity:	July 17, 2023
Securities:	Senior notes
Bookrunners:	HSBC, BNP Paribas, Deutsche Bank, ING, SG CIB
Coupon:	5/8%
Price:	99.765
Spread:	Mid-swaps plus 40 bps
Announcement date:	July 12
Settlement date:	July 17
Expected ratings:	Moody's: Aa2
	S&P: AA
	Fitch: AA-
Distribution:	Regulation S
Price talk:	40 bps to 43 bps

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