Korea Resources completes $500m in crowded market

02 May 2013

State-owned Korea Resources Corp sold a $500m five year deal at 150bp over US Treasuries, though a crowded market prevented the borrower from achieving an even tighter spread.

Although bookrunners Citi, Deutsche Bank, HSBC, Korea Development Bank and Standard Chartered were able to lower guidance from the initial 155bp, the presence of similarly rated credits in the market on April 25 that were offering more generous spreads meant pricing was wider than they would have hoped. ...

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