State-run Korea Development Bank said Sunday it has succeeded in selling $220 million worth of debt in the Australian bond market as part of pre-emptive efforts to secure liquidity ahead of a U.S. rate hike.
  

The three-year Kangaroo bonds carry an interest rate equivalent to the Australian swap rate plus a risk premium of 1.03 percentage points, KDB said.
  

Kangaroo bonds refer to debt denominated in Australian dollars and issued by non-residents in the Australian domestic market.
  

The state lender said the debt sale is designed to prepare for the possibility of higher market volatility, which could come in the wake of a U.S. interest rate increase.
  

"The successful debt sale also results from KDB's active efforts to tap into overseas financial markets, including Germany, Chile, the United Arab Emirates and Australia," it said.
  

KDB said it plans to open a representative office in December in Australia, the world's third-largest market for project financing. (Yonhap)