South Korea

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.

Bank of America Merrill Lynch and Goldman Sachs are taking a knife to their Asian investment banking operations amid slower capital markets activity and as competition from Chinese lenders intensifies. This is just the latest in a series of culls in Asia as global banks struggle to find a suitable model. Shruti Chaturvedi reports.

Construction equipment maker Doosan Bobcat and Netmarble Games are on track with their respective IPOs, with the former set to become the largest listing in South Korea since 2012.

Divergent pricing expectations between Korean Air Lines (KAL) and investors forced the issuer to pull its hybrid bond on Tuesday evening after a two-day syndication process. The cancellation has dashed hopes of a comeback in high yield issuance from South Korea as the single-B rated trade was slated to be the first since September 2010. Addison Gong reports.

Construction equipment maker Doosan Bobcat has thrown open the doors on its W2.4tr ($2.2bn) IPO, the largest listing in South Korea since 2010.

In this round-up, Chinese regulators have further delayed any expansion of the qualified domestic institutional investor, Vanguard has completed its transition to a FTSE index that includes A-shares, and Malaysia’s new payment system adds support for RMB debt securities. Plus, a recap of GlobalRMB’s coverage this week.

Korea Housing Finance Corp and Cariparma Crédit Agricole have hired lead managers to arrange investor meetings, with a view to issuing covered bonds in dollars and euros, respectively.

South Korea’s Woori Bank printed a $500m Basel III additional tier one on Tuesday off the back of a modest $850m order book. The notes struggled a little in secondary the following day before rebounding on Thursday, putting the focus on the transaction’s pricing and timing, writes Addison Gong.

Korea Housing Finance Corp and Cariparma Crédit Agricole have hired lead managers to arrange investor meetings, with a view to issuing covered bonds in dollars and euros, respectively.