Korean Air fails to take off with first HY note since 2010

Divergent pricing expectations between Korean Air Lines (KAL) and investors forced the issuer to pull its hybrid bond on Tuesday evening after a two-day syndication process. The cancellation has dashed hopes of a comeback in high yield issuance from South Korea as the single-B rated trade was slated to be the first since September 2010. Addison Gong reports.