Koreans defy QE fears to test pricing prospects as investors seek premiums

The absence of dollar bonds from screens in Asia ex-Japan this week did not stop Korean issuers from mandating banks and arranging investor meetings. Their goal is to be ready to launch deals the minute that there is a window of opportunity, writes Frances Yoon.

  • By Rashmi Kumar
  • 13 Jun 2013

Kookmin Bank is one of those. It wants to sell its second dollar bond of the year, even though its $300m three year bonds are trading 40bp wider than when they priced in January 9. The bonds were issued at 105bp over US Treasuries. 

“Kookmin wants to print ...

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5 Barclays 104,758.42 476 4.35%

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5 HSBC 19,467.45 94 2.82%

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Bookrunners of Dollar Denominated HY Bonds

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5 Barclays 22,906.34 151 6.71%

Bookrunners of European Corporate IG Bonds

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1 Deutsche Bank 28,046.25 103 6.40%
2 BNP Paribas 27,948.80 144 6.38%
3 Barclays 27,259.57 126 6.22%
4 HSBC 25,832.31 126 5.90%
5 Citi 23,312.66 103 5.32%