South Korea

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.

South Korea’s IPO market is on track for a surge of issuance, as Doosan Bobcat and Samsung BioLogics prepare to list in the fourth quarter. Mid-caps are also lining up to float, giving a fillip to the country’s equity capital markets. Jonathan Breen reports.

South Korea’s Woori Bank printed a $500m Basel III additional tier one offering on Tuesday off the back of a modest $850m order book. Although the notes sold off a little bit in secondary, bankers on the deal reckon the issuer got away with a decent outcome ahead of expected market volatility.

Chinese rubber and plastics producer Great Rich Technologies is preparing to float in South Korea for as much as W101.3bn ($90.8m), according to a filing with the Korean market regulator.

Woori Bank has set sights on its second dollar-denominated Basel III additional tier one bond, opening books on Tuesday morning. It will be the first South Korean lender to test the bank capital market following a recent rule change on AT1 instruments.

South Korea’s Doosan Bobcat has announced the price range for its IPO, which is expected to raise W2.4tr ($2.2bn) and become the largest listing in the country in six years.

Korea Development Bank raised $1bn from a dual-tranche offering on Tuesday, achieving one of the narrowest spreads for the country’s issuers since 2008. And by using a pretty aggressive strategy, KDB priced its 10 year at a tighter spread than its three year notes.

The South Korean subsidiary of Japan-based footwear retailer ABC-Mart is making its third attempt to list on the Korea Exchange.

Korea Development Bank was courting investors on Tuesday for its fixed rate dual tranche dollar offering, replicating the SEC-registered format used for its January outing.

ING Bank has made changes to its businesses in Mongolia and South Korea, appointing a new chief representative for the former and bolstering its presence in the latter.

ING Bank has obtained a securities branch license from the Financial Services Commission of South Korea, giving it the ability to broker debt capital market and alternative investment deals for clients.