Korean Air (KE, Seoul Incheon) has priced a USD300 million three-year Reg S Eurobond backed by a guarantee from KB Kookmin Bank. The spread was set at 57 basis points over the equivalent US Treasury yield, 33 basis points lower than initial guidance. Unlike previous foreign-currency bonds backed by policy banks, this deal relies on a commercial guarantee from KB Kookmin. Its dollar bonds have previously carried Korea Development Bank guarantees, while its recent JPY20 billion yen (USD126.3 million) Samurai bond was backed by the Export-Import Bank of Korea.