Kakao wins big with rare W230bn equity linker

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By Jonathan Breen
28 Apr 2016

South Korea’s Kakao Corp has thrown open Asia’s equity-linked bond market with a W230bn ($202.0m) exchangeable bond that is denominated in Korean won but settled in dollars. The deal is a sign that investors have an appetite for such structures, and optimism is high for local currency issuance to pick up, writes Jonathan Breen.

Kakao, which operates popular messaging app KakaoTalk (KaTalk), attracted a wealth of interest from short and long investors across Asia and Europe for its EB on Monday. The company netted W230bn from a zero coupon and zero yield trade, which was priced at the bottom of an exchange ...

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