Korea National Oil Corporation (KNOC) has priced a new 5 year floating rate bond at BBSW +128bps. KNOC’s last bond sale into the Kangaroo market was in September 2014 when it issued $350 million of 5 year fixed and floating bonds at Swap/BBSW +108bps. With the price of oil at decade lows, it’s not a great surprise investors are making oil companies pay more than in the past.