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KB Kookmin Bank issues US$300M of Formosa bonds

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KB Kookmin Bank issues US$300M of Formosa bonds

KB Kookmin Bank said it issued US$300 million worth of five-year Formosa bonds, The Chosun Ilbo reported.

The floating-rate notes were priced at 0.78% above the three-month U.S. dollar LIBOR, the lowest ever for any Formosa bond issued by South Korean banks, according to the publication.

A Formosa bond is a bond issued in Taiwan but denominated in a currency other than the New Taiwan dollar.

KB Kookmin Bank is a unit of KB Financial Group Inc.