Posco has a yen for more

The extremely tight pricing of the three year transaction due August 25 2003 has provoked sharply differing reactions among Yen bond players. On the one side, outside observers argue that a launch spread of 65bp over Yen-libor is at least 10 to 15bp too tight, while lead managers Nikko Salomon Smith Barney and Nomura respond that a combination of factors enabled the deal to sell out even though it might initially appear aggressive.