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KDB issues Kauri bonds worth $140 mn in 83 bps over Libor

Collected: 2016.04.09

Distributed: 2016.04.11

Source: Go Direct

South Korea’s state-owned Korea Development Bank (KDB) announced Friday that it on Thursday raised 200 million New Zealand dollars (about $140 million) in three-year debt yielding 83 basis points over the three-month London inter-bank lending rate. It became the first Korean institution to issue the so-called Kauri bond, debt issued by foreign institutions in Kiwi (New Zealand) dollars named after the country’s iconic giant trees.

New Zealand debt market has been drawing top-rated overseas agencies and state entities due to its relatively high yields and stability in the economy and currency.

New Zealand locals made up 16 percent of the investors to the KDB issue, and the rest from various parts of Asia.

By Chung Seok-woo

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