Issuer: Republic of Korea
Date: April 1998
Amount: $4 billion
Global arrangers: Goldman Sachs, Salomon Smith Barney
Korea wins our Asian deal of the year award for sheer determination. Korean officials believed its global debut $4 billion Eurobond would save the country, and so they fought mercilessly to get a good price for it.
In December 1997 Korea was in serious danger of defaulting. The country’s banking sector held $24 billion of foreign commercial bank debt.
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