Korean Bank Readies Dollar Swap

  • 20 Oct 2003
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Korea First Bank, with KRW37.1 trillion (USD32.2 billion) in assets, is planning to enter an interest rate swap on the back of a recent 10-year USD200 million bond. John Shin, assistant manager in the trading and sales department in Seoul, said the bank plans to convert the fixed rate issue into a synthetic floater, likely within three months.

"We're waiting for our target level," said Shin, explaining that the firm is expecting swap rates to fall below the current range of LIBOR plus 280-290bps, declining to elaborate. Shin said the bond, which is callable in five years, will not be converted into won as the proceeds will be used to fund U.S. dollar assets.

KFB is in talks with several of its traditional swap counterparties including BNP Paribas, Credit Lyonnais, JPMorgan, and UBS. "The absolute first criteria is price," said Shin.

  • 20 Oct 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 416,634.23 1594 9.03%
2 JPMorgan 379,647.36 1732 8.23%
3 Bank of America Merrill Lynch 359,625.73 1304 7.80%
4 Barclays 267,126.92 1079 5.79%
5 Goldman Sachs 267,110.09 921 5.79%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 45,314.03 193 6.64%
2 Deutsche Bank 37,536.19 138 5.50%
3 BNP Paribas 36,532.54 211 5.36%
4 JPMorgan 34,490.59 115 5.06%
5 Bank of America Merrill Lynch 33,700.87 110 4.94%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 22,398.41 104 8.66%
2 Morgan Stanley 19,092.40 102 7.38%
3 Citi 17,812.08 111 6.89%
4 UBS 17,693.89 71 6.84%
5 Goldman Sachs 17,256.05 98 6.67%