KNOC raises $330M with bond sale in Switzerland

The state-run Korea National Oil Corp. (KNOC) said yesterday it has raised $330 million by selling bonds to investors in Switzerland, and that the funds will be used to finance a range of projects.

KNOC said the five-year senior debts issued in Swiss francs were sold at a yield of 1.875 percent, marking the second year in a row that it was able to sell debts in the European country.

This it claimed makes the oil company a frequent issuer of bonds in Switzerland.

“The yield rate is the lowest for five-year debts issued by any Asian country in Swiss francs,” the KNOC said. It added that the sale is noteworthy because it was made despite the persistent euro zone woes that have adversely affected financial markets in Europe.

Earnings from the debts will be used to finance the oil corporation’s projects and cover other operational costs, it said.