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.

South Korea’s Big Hit Entertainment, manager of K-pop boy band BTS, has won early-stage approval for its IPO.

South Korean game developer Kakao Games is set to list in September for up to W384bn ($323m), reviving the deal two years after dropping its initial IPO plans.

Social and sustainability bonds have blossomed in Asia amid the Covid-19 pandemic, with debt bankers expecting more supply from the asset class for the rest of the year.

Korea South-East Power Co (Kosep) has printed a $300m sustainability bond, in part to tackle the impact of Covid-19, becoming the third issuer from the country to tap the socially responsible investment market this month.

South Korean investment bank Mirae Asset Daewoo Co raised a $600m bond this week, but had to navigate questions around the stability of its rating and credentials to get past the finish line.

A small deal size and investment grade ratings worked in GS Caltex Corp’s favour on Monday, allowing the South Korean oil refiner to price a tight $300m bond.

South Korea’s Doosan Infracore Co used a guarantee from Korea Development Bank to sell a $300m three year bond on Tuesday.

South Korea’s NongHyup Bank (NH Bank) added to the flow of Covid-19 linked bonds from Asia on Monday. It raised $500m from a five year social bond.

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.

Chinese issuers hoping to put the pandemic behind them should not abandon coronavirus-linked bonds.