Falling through the floor: KDB moves pricing ever tighter, celebrates rise of US investors in orderbook

Korea Development Bank pulled the country’s policy bank curve tighter this week with a dual-tranche dollar issue, becoming the latest Korean lender to close the gap with its global peers. The tight pricing of the deal drew complaints from KDB’s traditional investor base — but a hunger for short-dated dollar bonds and KDB’s new double-A image ensured support from a host of new accounts, writes Steve Gilmore.