KDB markets green, Sofr trade

By Morgan Davis
03 Mar 2021

Korea Development Bank has set a new benchmark for Asia by selling the region’s first SEC-registered Sofr-linked floating rate dollar note. It gives further momentum to the use of the new Libor replacement rate, amid an expected spurt in FRN issuance due to volatility in interest rates. Morgan Davis reports.

KDB’s three year Sofr bond also came with a green label. The $300m notes were sold alongside a $400m three year fixed rate bond and a $500m 5.5 year note on Tuesday.

The SEC-registered transaction was Aa2/AA/AA- rated KDB's second bond outing of 2021. The policy bank sold a $700m ...

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