Posco wins over investors for $500m bond in busy market

steel fotolia px230x150 for gc
By Morgan Davis
05 Nov 2019

South Korean steel company Posco checked every box for investors with its $500m bond issuance on Monday. Even though the deal offered no new issue premium and pricing was tightened aggressively, buy-side support did not waver, said bankers.

Posco announced the mandate for its three year bullet last Friday, and launched the deal at the 125bp over US Treasuries area on Monday morning local time. When the borrower hit the market — working with bookrunners Bank of America, BNP Paribas, Citi, HSBC and Standard Chartered — ...

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