By Cristal Cody
Chicago, June 10 – Kyobo Life Insurance Co. Ltd. priced $500 million of 5.9% 30-year sustainability notes (//A-) on Wednesday, a market source noted.
The notes come with five years of call protection.
The notes priced with a 288.7 basis points spread above the benchmark Treasury.
Initial price talk was 6.3%.
Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Nomura worked as bookrunners.
The insurer will invest the proceeds according to its sustainability framework, according to Fitch Ratings.
Kyobo is a life insurance company based in Seoul.
| Issuer: | Kyobo Life Insurance Co. Ltd.
|
| Amount: | $500 million
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| Issue: | Sustainability notes
|
| Maturity: | June 15, 2052
|
| Bookrunners: | Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Nomura
|
| Coupon: | 5.9%
|
| Spread: | Treasuries plus 288.7 bps
|
| Call features: | Five years
|
| Trade date: | June 8
|
| Ratings: | Fitch: A-
|
| Price talk: | 6.3%
|
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