Korea Land & Housing Corporation (LH) said on the 19th that it issued euro-denominated bonds worth 500 million euros (about 849.3 billion won).
The bonds mature in three years, and the coupon was set at 37 basis points (bp) over the three-year EUR midswap. The transaction was arranged by BNP Paribas S.A., Crédit Agricole, Deutsche Bank, HSBC, and Korea Development Bank (KDB).
This euro public offering of bonds is the first since LH was integrated. Following the $500 million (about 693.6 billion won) public bond offering in May, it is the second overseas bond public issuance this year.
Forty-one global institutional investors placed orders amounting to 2.2 times the offering size. By institution, Central Bank and government agencies accounted for 34%, asset managers and funds 23%, and banks 19%.
Oh Dong-geun, LH's head of finance, said, "All proceeds from this bond issuance will be used for the construction of public rental housing," and added, "We will continue to attract high-quality new overseas bond investors and diversify funding sources to secure a stable foundation for promoting policy projects."