KFHC

◆ Issuer's first sterling covered since September ◆ Positive sign for 'diversification' said a banker ◆ One of five tranches of covereds on Tuesday

UniCredit and Korea Housing Finance Corporation have started the week of issuance with deal announcements

◆ Issuer's largest covered deal at its tightest spread ◆ Banker said Korean lender is ‘well-liked’ by investors ◆ Pricing seen at fair value despite 'scarce liquidity' in secondary curve

◆ South Korean lender enters sterling for the first time ◆ Spread move the biggest in 18 months ◆ Deal lands flat to fair value and euros

◆ Deal prices through fair value ◆ Strong bid for non-European names on display ◆ Trade spotted tighter post-pricing

◆ Deal to build on strong bid for non-European paper ◆ Investor call scheduled for next week ◆ 50bp area start possible, say bankers away from deal

Investors are becoming more price sensitive, said one banker