South Korea

Korea Gas Corp, a government-owned borrower, found ample support for its dual tranche $800m bond, with demand of more than $5bn during bookbuilding allowing the firm to price the notes around some fair value estimates, and well inside others.

South Korea’s busy IPO market is continuing to pump out deals, with the latest listings coming from Kakao Pay and Covid-19 test maker SD Biosensor. But issuers still have to be realistic, as Krafton found out when it shot for, but missed, the country’s largest ever IPO.

South Korea's Mirae Asset Securities raised $300m from its green bond on Tuesday.

South Korean pharmaceutical company HK Inno.N Corp has kicked off pre-deal investor education for its IPO, according to a source familiar with the matter.

LG Chem got an $8.5bn final book for a $1bn dual-tranche green bond this week, with the deal pricing through some fair value estimates and ending the South Korean chemical company's two year hiatus from the debt market.

Three covered bonds issued this week from Korean Housing Finance Corp, Caffil and Oberbank were well received, but they would not have made it over the line without attractive new issue concessions.

Ahead of what is expected to be a long, dry summer in the primary covered bond market, Korean Housing Finance Corporation (KHFC) and Caffil were out on Wednesday with €1bn new issues.

The Export-Import Bank of Korea (Kexim) sold the first public 20 year dollar bond from a FIG issuer from the country this week — potentially paving the way for other borrowers to also opt for the same tenor. Morgan Davis reports.

Korean Housing Finance Corporation mandated leads for a euro covered bond on Thursday, to be issued under its social framework. At the same time, after this week’s trio of sterling covered bonds bankers believe there is scope for further Sonia-linked supply.

South Korean video game developer Krafton has set in motion an IPO of nearly $5bn, set to be the country’s largest ever listing — and the first of many chunky deals expected in the second half of the year. Jonathan Breen reports.

UniCredit has made a new senior hire in Asia to lead its client activities for South Korea.

South Korea's KEB Hana Bank found a stronger response than expected for its sustainability bond this week, allowing it to raise $600m.