South Korea has issued US$1.45 billion worth of foreign exchange stabilization bonds at record low interest rates. The Ministry of Economy and Finance issued US$625 million worth of 10-year bonds and €700 million (US$828 million) worth of five-year bonds.
These are the first government bonds to be offered by South Korea in international markets with a negative yield, minus 0.059%, while the dollar-denominated bonds benefit from an all-time low interest rate of 1.198%. South Korea is also the first non-European nation to issue euro-denominated bonds with a negative interest rate.
UK firm Clifford Chance acted as legal counsel to the six underwriters on the Securities and Exchange Commission-registered bond offering: BNP Paribas, Bank of America, Citigroup, JP Morgan, Mirae Asset Daewoo and Standard Chartered Bank.
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