South Korea

Big Hit Entertainment, the label behind hugely popular K-pop boy band BTS, this week launched bookbuilding for an IPO that will be worth as much as W962.6bn ($818.4m). The company is the latest to ride a wave of demand sweeping the country’s stock market, causing an over-heating that is pushing prices dangerously high, said bankers. Jonathan Breen reports.

Bangkok Bank sold its first Basel III-compliant additional tier one dollar bond on Tuesday, making it a rare bank capital offering from Thailand.

The Republic of Korea wowed investors in the dollar and euro markets on Wednesday, with a record $1.45bn-equivalent dual-tranche bond. The deal, split between 10 year dollar and five year euro notes, was priced at ultra-tight spreads — including a negative yield for the euro tranche. Morgan Davis reports.

The World Bank has selected a trio of banks for a new 15 year Sustainable Development Bond (SDB), its first euro benchmark of its 2020/21 fiscal year. Elsewhere, the Republic of Korea scooped €700m with its return to the euro market after a six year absence.

The Republic of Korea has picked banks to arrange meetings to promote a pair of international bonds, including one in euros, which would be the country’s first in the currency for six years.

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.

Korea Expressway Corp made its debut in the Kangaroo market this week, taking A$450m ($324.6m) from a dual tranche deal.

South Korea’s Kakao Games began a two-day price discovery process for its IPO on Wednesday, seeking investor feedback for its deal.

South Korea telecommunications operator KT Corp broke a three-year hiatus from the bond market on Monday to raise $400m.

M&G Real Estate Asia has received a W115bn ($96m) green loan from OCBC Bank to finance a green building in South Korea.

Deutsche hires for top job in Vietnam – ANZ names two MDs – Citi Korea CEO to retire

Jin-Hei Park, chief executive officer of Citibank Korea, is retiring in October.