KDB issues $750 mil. in global bonds

The state-run Korea Development Bank (KDB) said Thursday it has raised US$750 million by selling U.S. dollar-denominated bonds overseas in a bid to secure funds for project financing loans.

The bonds will come due in 10 years with a coupon rate of 3.0 percent, or 1.55 percentage points above the yields on ten-year U.S. Treasuries, KDB said in a statement.

It is the first time for KDB to float 10-year debts in nine years, and it was able to sell them in global bonds at the lowest rate on the back of the latest sovereign rating upgrade on Korea by Moody's Investors Service last month, it said.

Asian investors accounted for nearly half of the bond buyers, while those from the United States and Europe took up 26 percent, respectively.

Six global investment banks, including Credit Suisse and JP Morgan managed the sale, according to the state-run policy lender. (Yonhap)