Korea Housing Finance Corporation (KFHC) opened books for a five year US dollar benchmark covered bond today (Wednesday), attracting $1.2bn of orders before revising guidance to 100bp-105bp over Treasuries, with pricing expected later today.

Leads BNP Paribas, Citi, ING, Mirae Asset Daewoo and Standard Chartered launched the Reg S/144A deal this morning with initial price thoughts of the 125bp area. Guidance was at 13:30 CET revised to 100bp-105bp, will price within range, on the back of over $1.2bn of orders.

The deal is expected to be priced after the US open.

The deal follows a roadshow across Asia, Europe and the US last week.

KHFC’s last benchmark covered bond was a $500m (Eu424m, Won567tr) five year issue on 4 October 2016 – the most recent benchmark from the country. The new issue is KHFC’s sixth cross-border benchmark.

The new issue is the first benchmark US dollar covered bond since 6 September, when Aareal Bank issued a $625m three year.