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KB Kookmin Bank sells US$300 mln in bonds in Taiwan

2018/03/13 14:08

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SEOUL, March 13 (Yonhap) -- KB Kookmin Bank, a leading retail bank in South Korea, said Tuesday that it has floated US$300 million worth of bonds in Taiwan.

The Formosa bonds are set to mature in five years and carry a floating rate of the three-month London Interbank Offered Rate, a global benchmark rate, plus a spread of 0.78 percentage point.

It marks the lowest rate on five-year Formosa bonds issued by South Korean lenders, KB Kookmin Bank said. The lender didn't disclose where the proceeds will be used.

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

KB Kookmin Bank is the flagship of KB Financial Group Inc., a major banking group in Asia's fourth-largest economy.