KB Kookmin Bank sells $400m in bonds in Taiwan

By a2016032

Published : May 26, 2017 - 15:17

South Korea's top lender KB Kookmin Bank said Friday that it has successfully issued $400 million worth of bonds in Taiwan, becoming the first local bank to do so.

The Formosa bonds will mature in five years and carry a floating rate with the spread set at 0.95 percentage point plus the three-month London Interbank Offered Rate, a benchmark interest rate in the global financial market, the bank said.

(Yonhap)

Formosa bonds refer to bonds issued in Taiwan but denominated in a currency other than the Taiwanese currency.

"The amount of issued bonds has been raised from the original $300 million on the back of strong interest from Taiwanese and offshore investors," a KB Kookmin Bank official said.

KB Kookmin Bank is the flagship of KB Financial Group Inc., a major South Korean banking group. (Yonhap)