South Korea

Asia is gearing up for a bumper week of IPOs, with two $2bn deals launching on Monday and other smaller-sized floats vying for investor attention in what has been an action-packed October.

The South Korean government is set to ease rules on loan loss reserves (LLR) in a boost to banks’ regulatory capital ratios. But the changes, announced on October 7 by the Financial Services Commission, could leave lenders less prepared for IFRS 9. Fitch Ratings has warned.

Doosan Bobcat’s planned W2.4tr ($2.2bn) IPO in South Korea fell through this week on the back of an over-aggressive pricing strategy. Investors also withdrew their support after poor communication from the leads apparently resulted in conflicting messages on the progress of the bookbuilding. John Loh reports.

A diverse group of issuers forged ahead with their respective fundraisings on Thursday, seeking everything from dollars to Singapore dollars and green debt.

KEB Hana Bank executed a $650m dual-tranche offering on Tuesday, ahead of an expected burst of supply from financial names. While the issuer priced the longer five year portion flat to its outstanding curve, it decided to be slightly generous with the three year to bag a larger amount.

South Korea’s KEB Hana Bank has received positive feedback from investors for its dual-tranche 144A/Reg S trade, launched on Tuesday morning.

South Korea's Hyundai Capital Services is set to meet international fixed income investors starting Monday next week.

An over-ambitious price range and miscommunication among the lead banks towards the end of bookbuilding has forced Doosan Bobcat to pull its W2.4tr ($2.2bn) IPO in South Korea, according to bankers.

Doosan Bobcat is guiding investors for its W2.4tr ($2.2bn) IPO in South Korea to a price that is 15% below the bottom of the marketing range, according to bankers close to the trade.

The Spanish bank has mandated leads for a roadshow to market what will be its first covered bond in six years.

Samsung BioLogics Co has started gauging investor interest for an up to W2.25tr ($2bn) IPO on the main Kospi board in South Korea, with bookbuilding set to begin in mid-October.

Clio Cosmetics Co is eyeing a listing on the Kosdaq to raise up to W184.4bn ($165m), with bookbuilding set to begin in October.