EM ASIA CREDIT: Korea Development Bank (KDB, Aa2/AA/AA-) - New Issue FV
Aug-27 10:01
New Issues: EUR 3Y
Guidance :MS+28bp
FV: MS+26bp
- The Korea Development Bank (KDB) is 100% owned by the Korean government, and also benefits from a de facto guarantee provided under Article 32 of the KDB Act (The State to offset losses).
- In terms of our fair value assessment, we focus on the USD curve, taking bonds greater than $300m and that have been issued in the last 3 years. We note that the USD curve is more granular and liquidi than the EUR curve and we benchmark using 5.375% 28 bond usinf x-ccy swap. We estimate a FV on the new bond at MS+26bp.
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MNI: UK CBI JUL DIST TRADE REPORTED SALES -34
Jul-28 10:00
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SFIX5 96.15/96.10/96.05p ladder, bought for flat in 5k (ref 96.30).
OUTLOOK: Price Signal Summary - Bull Cycle In S&P E-Minis Remains In Play
Jul-28 09:46
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