Chicago, July 11 – Korea Housing Finance Corp. priced €500 million of 1.963% social covered bonds with a four-year tenor (Aaa/AAA) at par, according to information from a market source.
The non-callable notes have a hard bullet.
Pricing came on top of talk at 40 basis points over mid-swaps.
Final book size was over €560 million with €10 million of joint lead manager interest.
The bonds, which priced on Monday, were part of a roadshow last week with investor conference calls that ended on Friday.
Bookrunners for the Rule 144A and Regulation S offer are BNP Paribas, Citigroup, HSBC, ING and Standard Chartered Bank.
Proceeds will be used to facilitate access to housing financing for low- and middle-income earners in Korea through a diverse range of mortgage loan products.
The deal constitutes a drawdown from the issuer’s newly established $15 billion global covered bond program.
The housing finance company is based in Seoul, South Korea.
| Issuer: | Korea Housing Finance Corp.
|
| Amount: | €500 million
|
| Issue: | Statutory social covered bonds
|
| Maturity: | July 19, 2026
|
| Bookrunners: | BNP Paribas, Citigroup, HSBC, ING and Standard Chartered Bank
|
| Co-manager: | Natixis
|
| Coupon: | 1.963%
|
| Price: | Par
|
| Yield: | 1.963%
|
| Spread: | Mid-swaps plus 40 bps
|
| Call features: | Non-callable
|
| Trade date: | July 11
|
| Settlement date: | July 19
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Mid-swaps plus 40 bps
|
| Marketing: | Roadshow
|
| ISINs: | XS2502844116, XS2502879096
|
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