Kookmin Bank
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Issuers use quiet days to market, aiming to launch later in week
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Korea’s Nonghyup Bank and Woori Bank both participated in the Cambodian deal
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Moody’s expects the pace of dollar loan and bond issuance to decelerate
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Three pulled listings within a week shake issuers and equity market bankers
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Korean cybersecurity firm cancels listing due to 'difficulties' with valuation
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Temasek affiliate pares stake in South Korean biopharmaceutical group
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Korean construction firm cancels deal after bookbuilding due to valuation concerns
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Blowout deal leads to top-end pricing for jumbo W12.8tr ($10.8bn) listing
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The GlobalCapital Asia Best IPO for 2021 is South Korean firm KakaoBank Corp's W2.55tr ($2.1bn) IPO.
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Trio prepare multi-billion-dollar listings that will put Korea ECM on a strong footing for next year
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South Korean refinery business eyes multi-billion-dollar listing
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South Korean shipping company finds lukewarm investor support for $716m listing
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South Korean car rental company Lotte Rental has launched the roadshow for its IPO, looking for up to W850.9bn ($739.2m) in proceeds.
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Kakao Bank has defended its valuation following a W2.55tr ($2.2bn) IPO after being questioned by South Korea’s regulators about its high pricing. The internet-only bank is only the latest in the country to be targeted by authorities cracking down on lofty valuations of new listings. Jonathan Breen reports.
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Kakao Bank, an online-only South Korean bank, has begun bookbuilding for its up to W2.55tr ($2.2bn) IPO.
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Hong Kong-listed ESR Cayman, a logistics real estate company, has raised a $400m dual-tranche borrowing.
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Cambodia’s Prasac Microfinance Institution has returned to the loan market for $200m, narrowing pricing by 35bp compared to its last transaction in 2020.
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South Korea’s Kookmin Bank used a Covid-19 sustainability bond label for its $500m bank capital deal on Wednesday.
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The share price of Doosan Fuel Cell Co, a subsidiary of South Korean conglomerate Doosan Group, nosedived on Tuesday after affiliates of the parent raised a smaller-than-expected W198.6bn ($171.1m) from a block trade.
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South Korean game developer Kakao Games is preparing to open a two-day subscription period for its IPO, after pricing the stock at the top of the marketed range.
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Tight trading levels will make covered bonds an attractive asset class for statement trades and issuers outside of the euro area, but market participants say that this is unlikely to be enough to lift overall supply volumes out of the doldrums in the second half of 2020.
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Kookmin Bank has priced its debut euro covered bond flat to where its higher rated compatriot, Korea Housing Finance Corporation (KHFC) would have been expected to come. The deal was said to have attracted additional demand due to its social theme, spurring hopes that further similar issuance would follow.
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Kookmin Bank is expected to surface later this week with its first euro covered bond which will fund social housing. The deal is to emerge amid mounting concern that diminishing supply, rising redemptions and aggressive central bank buying will cause an unprecedented technical squeeze in the covered bond market.
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Syndicate bankers are scrambling to make sense of the covered bond market, where sentiment has been changeable in recent weeks. Amid volatility and small issuance windows, sustainable bonds have proven a safe strategy to ensure successful deals.
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Berlin Hyp left ‘a little bit on the table’ with its new green covered bond on Tuesday. The trade was followed by deal announcements from Kookmin Bank and Sparebank Vest Boligkreditt, both looking to issue in sustainable format.
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Bank of America became the first global commercial bank to print a Covid-19 response bond this week.
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Kookmin Bank has become the first issuer from South Korea to sell an international public bond to combat the fallout of the Covid-19 pandemic. While virus-response deals are still just a tiny part of Asia’s debt market, bankers say it is set to grow.
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South Korea’s Kookmin Bank has sold its maiden dollar-denominated Basel III compliant additional tier one bond, opting for a sustainability label to entice investors.
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Asia’s sustainability market took a big step forward this week when Kookmin Bank priced a Basel III-compliant tier two bond with a sustainability label — the first of its kind in the region. Morgan Davis reports.
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‘Tier two’ and ‘sustainability’ are labels that have never previously been combined in Asia. At least not until this week, when Kookmin Bank raised $450m from a Basel III-compliant deal.
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Kookmin Bank has issued the second Korean covered bond of this year but the first in dollars and its first in more than two years.
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Kookmin Bank issued the first sustainability bond from a South Korean financial institution on Tuesday, raising $300m from a deal that was covered more than six times.
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Lotte Property and Development Co debuted in the sustainable bond market on Tuesday with a floating rate three year note. While the sustainability label drew some attention to the $200m transaction, it was the issuer’s Kookmin Bank guarantee that swayed investors.
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South Korea’s Kookmin Bank returned to the Formosa bond market on Monday, raising $300m from a floating rate note (FRN). Taiwanese investors’ eagerness to buy Korean financial credits helped the issuer price a relatively cheap deal versus an international transaction.
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Four Asian issuers began marketing dollar deals on Monday, as a number of others started testing buy-side appetite through roadshows. But borrowers will have to temper their expectations on size and price, faced with a choppy market backdrop.
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A $300m three tranche loan for Korean lender Kookmin Bank is due to close by the end of this week, said bankers. The deal offers lenders a rare chance to take exposure to a Korean credit.
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Geopolitical tensions around North Korea did not close the primary debt market this week, as Hyundai Motor Group’s US arm snapped up $1bn from a triple-tranche deal and Kookmin Bank priced a $500m trade on Monday.
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South Korean dollar bonds are hitting the market unabated despite a new missile launch from North Korea last Friday, with Hyundai Capital America and Kookmin Bank marketing new paper.
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Korea’s Kookmin Bank is eyeing a return to the dollar bond market, meeting with investors this week to gauge interest in a senior deal.
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Kookmin Bank has become the first South Korean commercial lender to sell a dollar bond in the Taiwanese market, and it did it with style, finding more than enough demand to boost its deal size.
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South Korea’s Kookmin Bank is marketing a new five year floating rate dollar transaction, set to be listed in both Taipei and Singapore.
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The period under review has proved one of the most trying for the region’s financial institutions as global problems combine with financial stresses in domestic markets. Amid this turmoil, the best banks have once again proved their ability to outperform. We present Asia's Best Domestic Banks.