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Commentary & Deal Flow

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Korea Development Bank (KDB)

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Korea Development Bank (KDB)

by Jp Albin

Mar 31, 2026 10:46 AM ET

PRICED: The Korea Development Bank €1bn 3yr Sr Unsec; MS+21bp

IGC APAC Market: Deal Flow - GeneralIGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
The Korea Development Bank	3yr	3.000%	09-Apr-29	€1bn	Sr Unsec	Fixed	99.845	3.055%	MS+23a	MS+21	-2

Reoffer: 3yr: MS+21bp / 99.845 / 3.055%
Benchmark: 3yr: OBL 2.1 29 #189 @ 98.46 / B+41.9 / HR 99%

Final Books: In excess of €1.5bn (excl. JLM)

Launched: 3yr: €1bn @ MS+21bp - Books closed in excess of €1.5bn (excl. JLM)
Spread set at: 3yr: MS+21bp - Books over €1.4bn (excl. JLM)
Guidance: 3yr: MS+23a

Issuer: The Korea Development Bank
LEI: 549300ML2LNRZUCS7149
Issuer Ratings: Aa2/AA/AA- (Moody's/S&P/Fitch)
Expected Issue Ratings: Aa2/AA/AA- (Moody's/S&P/Fitch)
Status: Senior Unsecured
Format: Reg S, Registered form
Issue Size: €1bn
Settlement: 09-Apr-26 (T+5)
Maturity: 09-Apr-29
Reoffer: 99.845 / 3.055% / MS+21bp
Coupon: 3.000%, Fixed Rate, Annual Act/Act
Benchmark: OBL 2.1 29 #189 (98.46) +41.9 / HR 99%
Listings: Euro MTF (Luxembourg Stock Exchange), ISM (London Stock Exchange) and SGX-ST (Singapore Exchange Securities Trading Limited)
Denominations: €100k/1k
Governing Law: English Law
JLMs: BNP Paribas, HSBC, J.P. Morgan (B&D), KDB Asia, Societe Generale
UoP: General corporate purposes
ISIN: XS3323712235
Timing: Priced. TOE: 14:49 UKT / 15:49 CET. FTT immediately