Korea Gas quenches dollar thirst with juicy spreads

Korea Gas Corporation hit all the right spots to lure cautious debt investors into its $500m five year deal, which helped the leads amass the largest order book for a South Korean issuer this year.

  • By Lorraine Cushnie
  • 23 Jul 2013

The state-owned issuer sold the Reg S/144A deal on July 22, satisfying investor cravings for high quality names in five year tenors. Investors have been buying five year names in secondary trading in the past few weeks, according to banker on the deal.

Korea Gas announced initial price ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Citi 16,088.76 20 8.58%
2 HSBC 15,210.51 21 8.11%
3 BNP Paribas 13,600.58 19 7.25%
4 Barclays 13,491.76 19 7.19%
5 Goldman Sachs 12,661.40 23 6.75%

Dollar Denominated SSA (Excl US Agency)

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4 HSBC 26,016.15 67 7.44%
5 Deutsche Bank 23,191.31 55 6.63%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 31,962.39 92 7.69%
2 UniCredit 30,615.95 95 7.36%
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4 BNP Paribas 28,348.17 57 6.82%
5 Barclays 26,617.69 64 6.40%

Bookrunners of Global SSA (Excl US Agency)

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1 Citi 77,028.94 262 7.30%
2 JPMorgan 75,557.48 438 7.16%
3 HSBC 68,702.85 245 6.51%
4 Bank of America Merrill Lynch 58,336.30 179 5.53%
5 Barclays 53,257.86 172 5.05%