Korean issuers need to change tack and pay up

Korea Expressway_230
By Virginia Furness
30 Oct 2014

Korean issuers are notorious for taking a bullish approach to the capital markets. While their ability to achieve the tightest pricing can sometimes be admirable, two recent deals have raised questions as to how long they can sustain this approach, writes Virginia Furness.

Last month Korea Development Bank printed a 5.5 year dollar bond that sold off 10bp in secondary at the open. An aggressive starting price, among other things, was to blame.

A planned deal from Korea Expressway this week did not even get the chance to trade down, ...

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