Kookmin pays tiny NIP for social first as investor diversification scrutinised

Kookmin Bank launched its debut euro covered bond on Wednesday, pricing the transaction flat to where its higher rated compatriot, Korea Housing Finance Corporation (KHFC) would have been expected to come. The deal was said to have attracted additional demand due to its social theme, spurring hopes that more similar themed issuance would follow. However some issuers are not convinced the diversification appeal of social bonds is material enough to pursue.

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