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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.
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)
