NH Investment issues $300 mn 5-yr bonds at lowest spread among Korean IBs

South Korea’s NH Investment & Securities Co. successfully sold its first-ever global bonds worth $300 million to overseas investors despite the growing market uncertainty following the recent China Evergrande Group’s debt crisis.

The company announced in a filing on Thursday that it sold $300 million worth dollar-denominated bonds with a five-year maturity at a coupon rate of 2.007 percent, 100 basis points over the five-year U.S. treasury yield that is also the narrowest among the capital instrument issued to date in the Korean investment banking industry.

The coupon also was set at 25 basis points lower than the initial price guidance after drawing four times larger order from Asian and European investors during the book-building session on Wednesday. The debt was rated A- by S&P and A3 by Moody’s.

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