Korea’s SK Hynix hits the mark with tight $500m IG bond

Three darts in bullseye 230x150
By Addison Gong
12 Sep 2019

South Korean semiconductor manufacturer SK Hynix had to get over a number of hurdles for its $500m bond issuance, but a complicated price discovery process ended with the notes being in hot demand both in the primary and secondary markets. Addison Gong reports.

SK Hynix on Tuesday raised $500m from its 3% five year bond at 162.5bp over US Treasuries, or at a cash price of 99.279 to yield 3.157%. It came 27.5bp inside the initial guidance, announced at the 190bp over area by bookrunners BNP Paribas, Citi and Credit Suisse.

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