Market praise for Korean Development Bank has, as time has passed, become louder and louder. Most bankers agree that KDB has emerged as one of the most market-savvy borrowers in the region, knowing when and how to make issues. Since the Asian financial crisis, it has been the sovereign benchmark for Korea, a responsibility it has handled well, with all its deals completed successfully and well received by the market.
It has fairly set borrowing requirements and programmes in place. All bankers agree that these are well managed with a sensible degree of diversity between the loan market or the bond market as well as between different groups of institutional investors in the bond markets. The past 12 months was a clear example of such a strategy. In 2002 it raised just under $2 billion. Most of the capital-raising was done in the second half of the year - it was a sensible course to take as it was waiting to take advantage of its expected upgrade. In July there was a $300 million samurai bond and in September a $400 million syndicated loan. These two deals were followed by a $750 million global offering in November, and in February this year the bank successfully launched its $500 million reopening of its 2007 and 2012 bonds.