The South Korean government sold its first yen bond, worth ¥70bn ($474mn), on Thursday in a sign of improving relations with Japan and as debt issuers from around the world flock to Tokyo this year to take advantage of low borrowing costs.
The samurai bond sale was announced in June after Seoul agreed with Tokyo to restore a $10bn foreign currency swap deal for the first time in eight years, in a demonstration of economic co-operation.
The multi-tranche offering of yen-denominated bonds, with maturities of three to 10 years, had an average yield of 0.7 per cent due to South Korea’s relatively high credit ratings among emerging Asian economies.
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