South Korea

The Republic of Korea is set to be the first Asian sovereign to sell bonds in the New Year, marketing a dollar-denominated 10 year on Thursday morning.

South Korea is expecting a strong flow of IPOs in the first half of 2017 as a choppy end to last year delayed many companies from launching deals. But there is some concern among ECM bankers that a burst of listings could clog up the market.

Asset manager Barings has tapped a new chief executive officer for its South Korean operations, according to a Tuesday announcement.

South Korean game developer Netmarble Games is on track to start pre-marketing its up to W2tr ($1.7bn) IPO shortly after Chinese New Year, according to a banker working on the trade.

South Korean flag carrier Korean Air is planning a share sale that could raise W450.0bn ($378.0m), according to a filing with the Financial Supervisory Service on Thursday.

BNP Paribas opened the block market in Asia with a W382.1bn ($316.7m) sell-down in South Korea’s Shinhan Financial Group Co this week.

The Republic of Korea looks set to be the first Asian sovereign to hit the international debt market in 2017, with plans to meet fixed income investors next week for a potential dollar bond.

Netmarble Games has received the green light to list on the Korea Exchange, paving the way for an estimated W2tr ($1.7bn) IPO next year.

All eyes will be on the renminbi this week with the dollar fix edging closer to 7, despite a slight reprieve on Monday. Meanwhile, Shenzhen Connect fails to click with Korean investors, while CNH deposits are starting to recover in the country.

The renminbi qualified foreign institutional investor (RQFII) scheme is set to end 2016 on a disappointing note with the combined value of quotas awarded amounting to roughly half of last year’s total.

Indonesia’s move to pre-fund its 2017 financing requirements with a bond last week surprised the market. Views are mixed on whether it made the right decision but DCM bankers in the region hope other sovereigns will also look to make an early start on funding plans.

South Korea's Shinhan Bank raised $500m on Wednesday, to match its March tier two dollar deal in size, but was forced to pay up to make it happen.