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A U.S. investment bank plans to issue around US$500 million worth of bonds in Korea, marking the first-ever issuance of foreign-currency-denominated debt by a non-Korean financial firm in the Asian country.
Bear Stearns will issue the so-called "kimchi bonds" at the end of next month through the Korea Exchange. The name of the bonds comes from a staple Korean side-dish made from pickled cabbages. The bonds will mature in seven years.
Until now foreign financial institutions have issued only won-denominated bonds in Korea. Bear Stearns is the seventh-largest U.S. investment bank with assets totaling $300 billion.
Arirang News
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