By Rebecca Melvin
New York, Jan. 29 – Korea Housing Finance Corp. priced a €1 billion 0.01% social covered bond due 2025 on Wednesday, according to a market source.
The bonds (expected rating: AAA) priced at 100.145 to yield 0.019%, or a yield spread of mid-swaps plus 24 basis points. The pricing was tight to initial price talk for a yield spread of mid-swaps plus high 20s bps.
The final order book at reoffer was in excess of €1.4 billion, which was trimmed from a book earlier Wednesday of €1.7 billion.
BNP Paribas, DBS Bank Ltd., ING and Societe Generale were joint bookrunners and joint lead managers of the Regulation S and Rule 144A transaction.
The housing finance company is based in Seoul, South Korea.
| Issuer: | Korea Housing Finance Corp.
|
| Amount: | €1 billion
|
| Maturity: | Feb. 5, 2025
|
| Securities: | Statutory covered bond
|
| Bookrunners: | BNP Paribas, DBS Bank Ltd., ING and Societe Generale
|
| Coupon: | 0.01%
|
| Price: | 100.145
|
| Yield: | 0.019%
|
| Spread: | Mid-swaps plus 24 bps
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 5
|
| Rating: | S&P: AAA
|
| Distribution: | Rule 144A and Regulation S
|
| Talk: | Initial price talk of mid-swaps plus high 20s bps
|
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