Posco makes comeback with dollar/euro bonanza

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By Rashmi Kumar
14 Jan 2020

South Korean steel company Posco made a blockbuster return to the debt market on Monday, raising $940m from dollar investors and €500m from the European market. The peak order book of about $5.75bn for the dollar portions reflected investors’ eagerness to take on investment grade risk.

The Baa1/BBB+ rated issuer opened bookbuilding for two dollar tranches in the Asia morning, and followed it up with a euro portion later in the afternoon. On offer were a three year dollar bond at initial guidance of 110bp over US Treasuries area, and a five year at ...

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