The Republic of Korea saw massive demand last week for its $1.45 billion dual-currency bond and, reflecting the liquidity in the market, became the first non-European issuer to price with a negative yield.
Investors flooded in for the SEC-registered $625 million 10-year paper and 700 million $825 million five-year bonds, indeed final books hit $3.6 billion for the US dollar tranche and 5.5 billion for the euro piece.
This allowed the deal to be upsized from an original $500 million and 500 million, but a $1.5 billion cap from the Korean government meant that it could not be increased any further.
“The main...
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