South Korea

China Development Bank jumped on the floating rate note (FRN) bandwagon this week, bagging $3bn equivalent and adding its name to a list of issuers that recently sold bonds in the format. With demand rather than supply driving deals, and with interest rate hikes looming, the stage is nicely set for more FRN trades, writes Addison Gong.

South Korea’s Hyundai Capital Services timed its $600m outing well, thriving on its strong name recognition and the variety it added to the debt market to put together a fairly priced deal.

Harvest Operations Corp said last Friday that it has completed a C$1bn ($763m) refinancing, comprising a new term loan and restructuring of an existing credit facility.

Hyundai Capital Services opened books for a 144A/Reg S bond on Monday, its first outing this year. Issuers from South Korea have been active in DCM in 2017, but HCS will be the first non-bank financial credit from the country to woo investors.

Industrial Bank of Korea has bagged W193.5bn ($171.4m) after cleaning up its position in Korean hypermarket chain E-Mart, according to a term sheet seen by GlobalCapital Asia.

Korea National Oil Corp will host a global roadshow next week ahead of a new international bond, to be sold in dollars and/or euros.

The Asian block market came to life this month as shareholders jumped at the chance to offload some of their holdings in companies, taking advantage of a rally in the stock market. With a tight window remaining before firms head into blackout period ahead of results season, ECM bankers and investors are set for more deals this quarter. Jonathan Breen and John Loh report.

Industrial Bank of Korea is looking to offload its entire stake in local hypermarket chain E-Mart to raise up to W195.9bn ($172.1m).

South Korea’s Lotte Chemical Corp has netted W215.0bn ($187.9m) after pricing a block sale of treasury shares near the middle of guidance, according to a term sheet seen by GlobalCapital Asia.

Korea Development Bank (KDB) has become the latest name from South Korea to join the debt issuance party, sealing a triple tranche offering with two floating rate tranches, and finding $4bn of demand for its deal.

Lotte Chemical Corp is looking to raise up to W223.7bn ($195.0m) through the sale of a block of treasury shares, according to a banker familiar with the matter.

Asia DCM has seen a steady supply of South Korean issuers so far in 2017, with Korea Development Bank becoming the latest to venture out with dollar-denominated bonds.