GC
Price discovery in focus for SK Hynix’s IG debut
Investors chased South Korean semiconductor manufacturer SK Hynix’s $500m bonds both in the primary and secondary markets, even though the borrower pulled off one of the largest price reductions on a deal from the country.
Bookrunners BNP Paribas, Citi and Credit Suisse started bookbuilding for SK Hynix’s five year bond from the 190bp over US Treasuries area on Tuesday morning in Asia. There was momentum in the book from early on, and orders quickly exceeded $1bn around 10am Hong Kong time.
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