Korean Bank Joins Global Issuers in Selling Bonds to Fight Virus

(Bloomberg) -- A South Korean bank is offering bonds to fund the fight against the coronavirus pandemic, joining issuers worldwide issuing such debt.

Kookmin Bank is marketing five-year dollar notes whose proceeds will be used to support small and medium-sized firms and mom-and-pop businesses affected by the virus, according to a person familiar with the matter, who is not authorized to speak publicly and asked not to be identified.

Investor demand for debt to battle the coronavirus outbreak is expected to grow as countries around the world try to cushion the devastating economic impact of it. In Asia, the Asian Development Bank and Indonesia have sold securities recently that will help pay for relief efforts.

See also: Development Banks Issue $10 Billion of Bonds to Tackle Virus

The South Korean government this week added 35 trillion won ($28 billion) to a 100 trillion won rescue package to stabilize financial markets and support small businesses, which have been hurt especially hard by the pandemic.

©2020 Bloomberg L.P.