South Korea

Three shareholders in Dongbu Insurance Co pared down their stake in the company via an accelerated share sale on the evening of November 18, raising W343.3bn ($293m).

Asia’s nascent covered bond market welcomed Korea Housing Finance Corp’s first transaction in more than two years on November 12. Thanks to strong support from US and European investors, books built strongly and allowed the issuer to price inside its fair value.

South Korean automaker Kia Motors is looking to make a comeback to the international bond market, having mandated two banks.

Asia’s primary debt market is set for a busy end to the month with another four issuers - Citic Envirotech, Korean Air Lines, Powerlong Real Estate Holdings and China Construction Bank Asia all looking to attract international investors with deals of their own on Thursday.

Three shareholders in Dongbu Insurance Co are selling shares worth up to W357bn ($305m), in the first block trade exceeding $100m from South Korea in a month.

Hong Kong property developer Lai Sun Development (LSD) is seeking HK$924.3m ($119m) by way of a rights issue, announcing a one-for-two offering on Tuesday.

Korea Housing Finance Corp (KHFC) has returned to the offshore debt market with its first covered bond in more than two years, with strong demand allowing the issuer to achieve its pricing and diversification aims.

Korea Exchange (KRX) is looking to introduce a market maker system to boost trading in stocks with low liquidity, while also bringing in measures to prevent large losses caused by erroneous trades.

In this round-up, Moscow Exchange sees fall in both spot and swap trading, South Korea deposits drop for sixth consecutive month, and the Swiss franc is now directly convertible with the onshore RMB. Plus, a recap of GlobalRMB’s top stories this week.

The Asia ex-Japan bond market sprung to life on November 12 with China Huarong Asset Management, China State Construction Engineering Corp and Beijing Properties opening books for dollar bonds, while Korea Housing Finance Corp (KHFC) opted for a covered bond and Malaysia’s Axiata Group, a sukuk.

ARA Asset Management is looking to raise around S$152m ($107m) from an 18-for-100 rights issue, as the firm looks for more flexibility to meet its funding needs.

Korean Air Lines is getting ready to hit the offshore bond market, having hired a bank and secured a guarantee from the Export-Import Bank of Korea (Kexim) for a hybrid deal.