Heungkuk causes confusion with long bookbuild

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By Addison Gong
28 Jun 2018

The debut dollar bond issue for Heungkuk Fire and Marine Insurance Co has caused some consternation in the market this week. The order book for the South Korean company’s subordinated deal had been open for a week as GlobalCapital Asia went to press on Thursday, leaving bankers and analysts scratching their heads.

The firm started taking orders for a Reg S-only, 10 year non-call five tier two transaction through sole lead JP Morgan on June 21, but by 4pm on Thursday the book was still open. No update was sent to the market, said a source close to the deal.

“Heungkuk ...

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