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The reaction to Korean steel producer Posco's bond launched in early August typifies the buoyancy of the country's credit market. The $300 million 10-year Reg S transaction, led by ABN Amro, HSBC and UBS, generated demand of about $750 million in spite of pricing which tightened to 40 basis points over mid-swaps, equating to 96bp over the 2016 US Treasury.

That was an impressive outcome for an A2/A- rated company which only days before had issued an apology "to all of Korea for the trouble and

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