KNOC set to return to Kangaroo market after 18 month absence

Korea National Oil Corporation (KNOC) has announced it will be holding a series of meetings with investors in Australia in January. Such meetings are usually a prelude to a bond issue in which the issuer gauges the level of demand by investors and gains an estimate of the likely pricing. The last issue of bonds by KNOC into the Kangaroo market was in September 2014 when it sold $350 million worth of fixed and floating August 2019 bonds at Swap/BBSW + 108bps. KNOC is rated AA- by Standard and Poor’s and Aa3 by Moody’s.