South Korea

Steel giant Posco has raised W187.7bn ($159.7m) after offloading its entire position in South Korea’s Shinhan Financial Group, at a time when the benchmark Kospi index has fallen 3.1% in the past month.

With the RMB hitting new lows against the dollar following the US elections, the move away from offshore RMB (CNH) deposits is likely to continue, if not accelerate. GlobalRMB is introducing a new historical chart tracking the level of CNH deposits across Hong Kong, Macau, Singapore, South Korea and the UK.

South Korean heavy industry company Doosan Infracore Co priced a new bond on Tuesday, giving investors a break from the procession of offerings from China. Although Korean borrowers are known for their aggressive pricing strategy, recent market volatility forced Doosan to pay up.

China’s Yancheng Oriental Investment & Development Group Co and South Korea’s Doosan Infracore Co ventured out to the DCM market on Tuesday for their respective dollar-denominated bonds.

South Korea’s Shinhan Bank is gauging investor interest for a dollar tier two subordinated bond, its second since it debuted in the bank capital market in March.

Chinese local government financing vehicle Jiangsu Hanrui Investment Holdings opened a tap of its existing notes on Friday morning off the back of reverse anchor interest, keeping momentum going in the Asia DCM market post the US election.

Doosan Bobcat got its listing across the line at the second attempt, as cheaper valuations and a willingness to accede to investors helped raise W900bn ($788.0m).

Doosan Bobcat has wrapped up its second attempt at an IPO, closing a W900bn ($788.0m) deal after seeing a strong turnout from institutional investors.

SillaJen Biotherapeutics is planning to go public with an eye to raise W205bn ($179.4m), according to a termsheet seen by GlobalCapital Asia.

South Korea is in the midst of a serious political scandal that could threaten the president, but it seems to have had little impact on the IPOs of Clio Cosmetics Co and Doosan Bobcat.

South Korea’s Clio Cosmetics Co has raised W184.5bn ($161.9m) from a successful IPO, pulling off the deal even as controversy around the country’s president shakes market confidence, causing some local investors to stay away.

Japan’s Nippon Steel & Sumitomo Metal Corp has raised W177bn ($154.6m) from the sale of some of its shares in Posco — the third sell-down of its stake in the South Korean steelmaker this year.