South Korea

South Korea’s Netmarble Games began investor education this week for a potential W2.7tr ($2.4bn) IPO, while ING Life Insurance Korea filed offer documents for its W1.3tr float.

South Korean bond issuers defied the domestic political turbulence shaking the country, hitting the market this week with a handful of successful dollar deals. While investors snapped up the notes with little question, the timing leads to some speculation that the deal rush was a publicity stunt.

South Korea’s Shinhan Bank secured a tightly priced $500m deal on Tuesday, taking advantage of an otherwise quiet market as well as the Monday success of Korea National Oil Corp.

Korea National Oil Corp (KNOC) took advantage of the positive market on Monday to price three $500m tranches of new notes at an attractive price, while still offering investors some cushion on the fixed rate portions.

Shinhan Bank launched a new five year dollar deal on Tuesday, following its compatriot Korea National Oil Corp into the debt market.

Korea National Oil Corp (KNOC) is selling a combination of floating and fixed rate bonds, with price thoughts for a five and a 10 year released at the same level. On the high yield side, China’s Shandong Yuhuang Chemical Co is marketing its debut three year notes.

South Korean game developer Netmarble Games has started pre-deal investor education for its up to W2.7tr ($2.4bn) IPO, according to bankers working on the transaction.

South Korean mobile game developer Netmarble Games plans to submit its IPO prospectus on Friday and start pre-deal investor education on March 20, according to a banker working on the deal.

Celltrion Healthcare, the marketing affiliate of Korean drug manufacturer Celltrion, has got the go ahead from Korea Exchange to launch its IPO, which could raise up W1tr ($873.4m) according to a source familiar with the matter.

The cloud hanging over South Korea’s financial markets has been lifted after the country’s president Park Geun-Hye was ordered to resign her office last week, impeached following a six month influence peddling scandal involving her close friend Choi Soon-Sil.

A1/A+/A- rated KEB Hana Bank is eyeing to return to the international debt market with a 144A/Reg S transaction, having hired seven firms to arrange a global roadshow.

ING Life Insurance Korea has secured the OK from Korea Exchange to list through an IPO, according to a KRX announcement.