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-Korea Development Bank to price Samurai bond on 13 Jun - report.

M2 EQUITYBITES-June 6, 2012--Korea Development Bank to price Samurai bond on 13 Jun - report(C)2012 M2 COMMUNICATIONS

6 June 2012 - South Korean lender Korea Development Bank (KDB) is expected to price its planned Samurai bond issue worth some JPY50bn (USD632m/EUR505m) on 13 June, Bloomberg said on Wednesday, citing a source in the know.

The issue will comprise a two-year bond that is seen to be priced at between 60 basis points and 75 basis points over yen swaps, according to the person. The bank will also sell securities with three-year maturity as part of transaction at a spread of 70 basis points to 85 basis points more than swaps, as well as five-year bonds yielding between 80 basis points and 95 basis points.

The lender has already started marketing the yen-denominated securities and plans to launch the offer next week. KDB has hired Bank of America (NYSE:BAC), Citigroup (NYSE:C), Nomura Holdings (TYO:8604), Daiwa Securities (TYO:8601) and Mizuho Financial Group (TYO:8411) to handle the issue.

KDB's most recent Samurai bond sale was in October, when it sold JPY53.7bn of securities.

The proposed offer comes on the heels of Export-Import Bank of Korea's (Kexim) JPY100bn (USD1.25bn/EUR981m) yen-denominated bond issue last month. The offer, the biggest-ever Samurai bond offer by a Korean entity, was split in three batches and was double the initial amount of JPY50bn due to strong demand from investors.

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Publication:M2 EquityBites (EQB)
Date:Jun 6, 2012
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