10 05 2016

KDB completes NZD200 million debt offering, in its first issue of “kauri” bonds

BKL advised Korea Development Bank (KDB) in the bank’s offering of NZD200 million (approx. USD140 million) Kauri bonds in New Zealand.


The bonds are scheduled to mature in 2019, yielding 83 basis points over the three-month London inter-bank lending rate for unsecured 3-year bonds. The Kauri bonds are issued under KDB's A$5 billion Australian Domestic Debt Issuance Programme. KDB noted that the issue marks the first public offering of the so-called Kauri bonds by Korean institutions, debt issued by foreign issuers in New Zealand dollars in New Zealand’s capital market. This successful issuance will help not only Korean companies but also Asian issuers to further diversify funding sources because 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. The bonds attracted strong interest from institutional investors in New Zealand, Asia and the Middle East, including Bank of New Zealand, Government of Singapore Investment Corporation (GIC), and Qatar National Bank. Advising KDB on the issue were partners Eui Jong (EJ) CHUNG and Annie Eunah LEE, and associate Youngjin HA, all of BKL's Capital Markets Practice Group. Bank of New Zealand and Westpac Banking Corporation acted as co-managers of the deal. Involved fees earner: Eui Jong Chung - Bae, Kim & Lee LLC; Annie Eunah Lee - Bae, Kim & Lee LLC; Youngjin Ha - Bae, Kim & Lee LLC;

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