Korea Expressway slams on brakes over bond pricing

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By Virginia Furness
30 Oct 2014

Korea Expressway pulled its dollar bond before the US open on October 27 after it realised it was not going to achieve its target price. Bankers were frustrated and said that a decent trade could have been done at a higher yield, but the issuer was not willing to pay up.

Joint bookrunners Bank of America Merrill Lynch, Citi, Deutsche Bank and Nomura opened guidance at 125bp area for the 3.5 year bond on the morning of October 27. But further pricing updates did not appear and in the evening the deal was pulled.

Pricing ...

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