Korail taps as Korean sovereign issue looms

26 Aug 2008

Korea Railroad Corp, the state rail operator, sold $200m of five year bonds on Tuesday in a swift and smoothly-executed re-opening, proving that interest in non-financial credits remains high despite poor conditions in the international markets.

Korail's tap took its 5.375% notes due May 2013 from $300m to a benchmark $500m, and came at a relatively modest premium to the existing bonds. By offering a 30bp pick-up over the existing notes, Korail drew orders worth close to $500m and indications of interest from 51 ...

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