POSCO sells Samurai bonds worth 41.4 bln yen

POSCO, South Korea's leading steelmaker, said Friday that it has raised 41.4 billion yen (US$538.2 million) by selling bonds in the Japanese currency despite unfavorable global financial conditions. The company said it issued 30.0 billion yen worth of Samurai bonds with a maturity of three years that have an interest rate of 1.67 percent. It said the remaining 11.4 billion yen worth of bonds that come due in five years carry an interest rate of 2.03 percent. Samurai bonds refer to yen-denominated debts floated by non-Japanese firms or governments in Japan. "The successful sale reflects market confidence in POSCO that received credit ratings of 'A3' and 'A' respectively from Moody's Investor Service and Standard & Poor's Rating Service," POSCO said. The sale is noteworthy since it took place at a time when the global financial market has been shaken by the ongoing eurozone crisis, it added.