Obligation Koreana 4.25% ( US50064FAC86 ) en USD

Société émettrice Koreana
Prix sur le marché 100 %  ▼ 
Pays  Coree du Sud
Code ISIN  US50064FAC86 ( en USD )
Coupon 4.25% par an ( paiement semestriel )
Echéance 01/06/2013 - Obligation échue



Prospectus brochure de l'obligation Korea US50064FAC86 en USD 4.25%, échue


Montant Minimal 100 000 USD
Montant de l'émission 1 000 000 000 USD
Cusip 50064FAC8
Description détaillée La Corée, divisée en deux États distincts ? la Corée du Nord et la Corée du Sud ? présente une riche histoire, une culture vibrante influencée par le confucianisme et le bouddhisme, et une économie diversifiée, allant d'une économie planifiée centralement au Nord à une économie de marché dynamique au Sud.

L'Obligation émise par Koreana ( Coree du Sud ) , en USD, avec le code ISIN US50064FAC86, paye un coupon de 4.25% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 01/06/2013







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<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>d424b5.txt
<DESCRIPTION>424B5
<TEXT>
<PAGE>
PROSPECTUS SUPPLEMENT
(To Prospectus dated May 23, 2003)
Filed pursuant to 424(b)(5)
Registration No. 333-8502
[LOGO]
US$1,000,000,000
The Republic of Korea
4.25% Notes due June 1, 2013
The Republic's notes (the "Notes") will bear interest at the rate of 4.25%
per year and will mature on June 1, 2013. The Notes will be direct,
unconditional, unsecured and unsubordinated obligations of The Republic of
Korea. Interest on the Notes will be payable semi-annually on June 1 and
December 1 of each year, beginning on December 1, 2003. The Republic will not
have any right to redeem the Notes prior to maturity. Except as described in
the accompanying prospectus under "Description of the Debt Securities--Global
Securities," the Notes will be represented by one or more global notes
registered in the name of a nominee of The Depository Trust Company, as
depositary.
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these Notes or determined if this
prospectus supplement or the accompanying prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.
<TABLE>
<CAPTION>
Per Note Total
-------- --------------
<S> <C> <C>
Public Offering Price.......................... 99.541% US$995,410,000
Underwriting Discount.......................... 0.155% US$ 1,550,000
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Proceeds to the Republic (Before Expenses)/(1)/ 99.386% US$993,860,000
</TABLE>
--------
/(1)/ The underwriters have agreed to pay certain expenses of the Republic in
connection with this offering. For more information, see "Underwriting"
in this prospectus supplement.
In addition to the initial public offering price to the public, you will
have to pay for interest accrued on the Notes from June 3, 2003, if any.
The Republic has applied through its listing agent to list the Notes on the
Luxembourg Stock Exchange. The Republic cannot give any assurance that such
listing will be obtained. Currently, there is no public market for the Notes.
The underwriters expect to deliver the Notes to investors through the
book-entry facilities of The Depository Trust Company on or about June 3, 2003.
-----------------
Joint Bookrunners
<TABLE>
<S> <C> <C>
Barclays Capital Citigroup Goldman Sachs (Asia) L.L.C.
</TABLE>
-----------------
Co-Managers
<TABLE>
<S> <C> <C>
Credit Suisse First Boston Daewoo Securities Co., Daiwa Securities SMBC Europe
Ltd.
Deutsche Bank Securities Hyundai Securities Co., JPMorgan
Ltd.
Lehman Brothers LG Investment & Securities Morgan Stanley
Samsung Securities Co., UBS Warburg
Ltd.
</TABLE>
-----------------
The date of this prospectus supplement is May 29, 2003
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<PAGE>
You should rely only on the information contained in or incorporated by
reference in this prospectus supplement and the accompanying prospectus. The
Republic has not authorized anyone to provide you with different information.
The Republic is not making an offer of the Notes in any state where the offer
is not permitted. You should not assume that the information contained in this
prospectus supplement or the accompanying prospectus is accurate as of any date
other than the date on the front of each document.
-----------------
TABLE OF CONTENTS
Prospectus Supplement
<TABLE>
<CAPTION>
Page
----
<S> <C>
SUMMARY OF THE OFFERING............... S-6
NEW PROVISIONS APPLICABLE TO THE NOTES S-8
DESCRIPTION OF THE NOTES.............. S-11
CLEARANCE AND SETTLEMENT.............. S-14
UNDERWRITING.......................... S-18
LEGAL MATTERS......................... S-22
GENERAL INFORMATION................... S-22
</TABLE>
Prospectus
<TABLE>
<CAPTION>
Page
----
<S> <C>
CERTAIN DEFINED TERMS AND CONVENTIONS................................. 3
USE OF PROCEEDS....................................................... 4
THE REPUBLIC OF KOREA................................................. 5
Land and History................................................... 5
Government and Politics............................................ 6
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The Economy........................................................ 8
Gross Domestic Product and Major Financial Indicators.............. 23
Balance of Payments and Foreign Trade.............................. 31
The Financial System............................................... 35
Monetary Policy.................................................... 39
Government Finance................................................. 42
Debt............................................................... 44
Tables and Supplementary Information............................... 46
DESCRIPTION OF THE DEBT SECURITIES.................................... 49
General Terms of the Debt Securities............................... 49
Payments of Principal, Premium and Interest........................ 50
Repayment of Funds; Prescription................................... 50
Global Securities.................................................. 50
Additional Amounts................................................. 52
Status of Debt Securities.......................................... 52
Negative Pledge Covenant........................................... 53
Events of Default.................................................. 54
Modifications and Amendments; Debt Securityholders' Meeting........ 55
Fiscal Agent....................................................... 56
Further Issues of Debt Securities.................................. 56
Governing Law, Jurisdiction, Consent to Service and Enforceability. 56
LIMITATIONS ON ISSUANCE OF BEARER DEBT SECURITIES..................... 58
</TABLE>
S-2
<PAGE>
<TABLE>
<CAPTION>
Page
----
<S> <C>
TAXATION....................................... 59
Korean Taxation............................. 59
United States Tax Considerations............ 60
PLAN OF DISTRIBUTION........................... 67
LEGAL MATTERS.................................. 68
AUTHORIZED REPRESENTATIVES IN THE UNITED STATES 68
OFFICIAL STATEMENTS AND DOCUMENTS.............. 68
FORWARD-LOOKING STATEMENTS..................... 68
FURTHER INFORMATION............................ 69
</TABLE>
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S-3
<PAGE>
Certain Defined Terms
Unless the context otherwise requires, all references to "Korea" or the
"Republic" contained in this prospectus supplement are to The Republic of
Korea. All references to the "Government" are to the government of Korea.
Unless otherwise indicated, all references to "won", "Won" or "(Won)"
contained in this prospectus supplement are to the currency of Korea, and
references to "U.S. dollars", "Dollars", "$" or "US$" are to the currency of
the United States of America.
Additional Information
The information in this prospectus supplement is in addition to the
information contained in the Republic's prospectus dated May 23, 2003. The
accompanying prospectus contains information regarding the Republic, as well as
a description of some terms of the Notes. You can find further information
regarding the Republic and the Notes in registration statement no. 333-8502, as
amended (the "Registration Statement"), relating to the debt securities of the
Republic, which is on file with the Securities and Exchange Commission.
The Government is Responsible for the Accuracy of the Information in this
Document
The Government is responsible for the accuracy of the information in this
prospectus supplement and the accompanying prospectus and confirms that, to the
best of the Government's knowledge, the information contained in this
prospectus supplement and the accompanying prospectus is in accordance with the
facts and that the Government has included all facts that should be included
not to mislead potential investors. The delivery of this prospectus supplement
and the accompanying prospectus at any time does not imply that any information
contained in this prospectus supplement and the accompanying prospectus is
correct at any time subsequent to the date of this prospectus supplement.
The Luxembourg Stock Exchange takes no responsibility for the contents of
this prospectus supplement and the accompanying prospectus and makes no
representation as to liability whatsoever for any loss howsoever arising from
or in reliance upon the whole or any part of the contents of this prospectus
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supplement and the accompanying prospectus.
Not an Offer if Prohibited by Law
The distribution of this prospectus supplement and the accompanying
prospectus, and the offer of the Notes, may be legally restricted in some
countries. If you wish to distribute this prospectus supplement or the
accompanying prospectus, you should observe any restrictions. This prospectus
supplement and the accompanying prospectus should not be considered an offer,
and it is prohibited to use them to make an offer, in any state or country
which prohibits the offering. For a description of some restrictions on the
offering and sale of the Notes and the distribution of this prospectus
supplement and the accompanying prospectus, see "Underwriting--Foreign Selling
Restrictions" beginning on page S-19 of this prospectus supplement.
The Notes may not be offered or sold in Korea, directly or indirectly, or to
any resident of Korea, except as permitted by Korean law. For more information,
see "Underwriting--Foreign Selling Restrictions--Korea" beginning on page S-19
of this prospectus supplement.
S-4
<PAGE>
CERTAIN PERSONS PARTICIPATING IN THE OFFERING MAY ENGAGE IN TRANSACTIONS
THAT
STABILIZE, MAINTAIN OR OTHERWISE AFFECT THE PRICE OF THE NOTES, INCLUDING
OVER-ALLOTMENT, STABILIZING AND SHORT-COVERING TRANSACTIONS IN SUCH
NOTES, AND
THE IMPOSITION OF A PENALTY BID, IN CONNECTION WITH THE OFFERING. FOR A
DESCRIPTION OF THESE ACTIVITIES, SEE "UNDERWRITING" IN THIS PROSPECTUS
SUPPLEMENT.
S-5
<PAGE>
SUMMARY OF THE OFFERING
This summary highlights selected information from this prospectus supplement
and the accompanying prospectus and may not contain all of the information that
is important to you. To understand the terms of the Republic's Notes, you
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should carefully read this prospectus supplement and the accompanying
prospectus.
Issuer...................... The Republic of Korea.
Notes....................... US$1,000,000,000 aggregate principal amount of
4.25% Notes due on June 1, 2013.
Maturity Date............... June 1, 2013.
Interest.................... 4.25% per year. Interest will be computed based
on a 360-day year consisting of twelve 30-day
months.
Interest Payment Dates...... June 1 and December 1 of each year, beginning on
December 1, 2003. Interest will accrue from June
3, 2003.
Redemption.................. The Republic may not redeem the Notes prior to
maturity.
Form and Settlement......... The Republic will issue the Notes in the form of
one or more fully registered global notes,
registered in the name of a nominee of The
Depository Trust Company ("DTC"). Except as
described in the accompanying prospectus under
"Description of the Debt Securities--Global
Securities" and in this prospectus supplement
under "Description of the Notes--Form and
Registration--Certificated Notes," the global
notes will not be exchangeable for Notes in
definitive registered form and will not be issued
in definitive registered form. Financial
institutions, acting as direct and indirect
participants in DTC, will represent your
beneficial interests in the global notes. These
financial institutions will record the ownership
and transfer of your beneficial interest through
book-entry accounts. You may hold your beneficial
interests in the global notes through Euroclear
System ("Euroclear") or Clearstream Banking,
societe anonyme ("Clearstream") if you are a
participant in such systems, or indirectly
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through organizations that are participants in
such systems.
Listing and Markets......... The Republic has applied through its listing
agent to list the Notes on the Luxembourg Stock
Exchange. The Republic cannot give any assurance
that the application to the Luxembourg Stock
Exchange for the Notes will be approved. The
Republic will offer the Notes for sale in the
countries in the Americas, Europe, Asia and
elsewhere where it is legal to make such offers.
Status of Notes............. The Notes will constitute direct, unconditional,
unsecured and unsubordinated obligations of
Korea. The Notes will rank at least equally in
right of payment, without any preference among
themselves, with all of the Republic's existing
and future unsecured and unsubordinated External
Indebtedness (as defined in "Description of the
Debt Securities--Status of Debt Securities" in
the accompanying prospectus). See "Description of
the Debt Securities--Status of Debt Securities"
in the accompanying prospectus.
S-6
<PAGE>
Negative Pledge............. Subject to certain exceptions, if any of the
Notes are outstanding, the Republic will not
create or permit to subsist any Security Interest
(as defined in "Description of the Debt
Securities--Negative Pledge Covenant" in the
accompanying prospectus) on the Republic's assets
as security for any of the Republic's Public
External Indebtedness (as defined in "Description
of the Debt Securities--Negative Pledge Covenant"
in the accompanying prospectus), unless the Notes
are secured equally and ratably with such Public
External Indebtedness. See "Description of the
Debt Securities--Negative Pledge Covenant" in the
accompanying prospectus.
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Delivery of the Notes....... The Republic expects to make delivery of the
Notes, against payment in same-day funds on or
about June 3, 2003, which the Republic expects
will be the third business day following the date
of this prospectus supplement, referred to as
"T+3". You should note that initial trading of
the Notes may be affected by the "T+3"
settlement. See "Underwriting--Delivery of the
Notes" in this prospectus supplement.
Taxation.................... The Republic will make all payments of principal
of and interest on the Notes without withholding
or deducting any present or future taxes imposed
by the Republic or any of its political
subdivisions, unless required by law. In that
event, the Republic will pay additional amounts
as necessary to ensure that you receive the same
amount as you would have received without such
withholding or deduction, subject to certain
exceptions provided in the accompanying
prospectus. See "Description of the Debt
Securities--Additional Amounts" in the
accompanying prospectus. For a description of
certain United States tax aspects of the Notes,
see "Taxation--United States Tax Considerations"
in the accompanying prospectus.
Fiscal Agent................ The Bank of New York.
Further Issues.............. The Republic may, without the consent of the
holders of the Notes, create and issue additional
debt securities with the same terms and
conditions as the Notes and consolidate such
additional debt securities to form a single
series with the Notes. See "Description of the
Debt Securities--Further Issues of Debt
Securities" in the accompanying prospectus.
Governing Law............... The Notes and the fiscal agency agreement will be
governed by the laws of the State of New York,
without regard to the conflicts of law principles
of the State of New York. The laws of Korea will
govern all matters governing the authorization,
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execution and delivery of the Notes and the
fiscal agency agreement by Korea.
Additional Provisions....... The Notes will contain provisions regarding
acceleration and future modifications to their
terms that differ from those applicable to the
Republic's other Public External Indebtedness.
Those provisions are described in the following
section, "New Provisions Applicable to the Notes".
Other....................... Based on preliminary data, the Republic's GDP
increased 3.7% in the first quarter of 2003, at
constant market prices, compared with the same
period in 2002.
S-7
<PAGE>
NEW PROVISIONS APPLICABLE TO THE NOTES
The fiscal agency agreement summarized in this prospectus supplement under
"Description of the Notes" and the accompanying prospectus under "Description
of the Debt Securities" has been amended. The fiscal agency agreement, as
amended, and the Notes will contain provisions regarding acceleration and
voting on amendments, modifications and waivers that differ from the provisions
described in the accompanying prospectus. The provisions described in this
prospectus supplement will govern the Notes. These provisions are commonly
referred to as "collective action clauses". Under these provisions, the
Republic may amend certain key terms of the Notes, including the maturity date,
interest rate and other payment terms, with the consent of less than all of the
holders of the Notes. Capitalized terms used herein and not otherwise defined
have the meanings assigned to them in the accompanying prospectus.
Default and Acceleration of Maturity
The Notes will contain the same events of default as those described in the
accompanying prospectus, but the procedures for acceleration if an event of
default occurs will be different from those described in the prospectus. The
events of default are the following:
(a) the Republic fails to pay principal or interest or premium or deposit
any sinking fund payment on the Notes when due and such failure to pay
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