South Korea

Kookmin Bank opted for an unusual three year bond this week to diversify its funding avenues. The bond found strong interest from offshore accounts eager to get their hands on the new deal, allowing the lender to price inside fair value.

South Korea’s Kookmin Bank and Indian’s Glenmark Pharmaceuticals ventured out to the dollar debt market on Monday with their respective bonds.

KB Asset PE Fund has raised W90.5bn ($79.1m) from an overnight sale of shares in South Korea’s LIG Nex1, in a deal that saw investors piling in to take advantage of one of the last chances of a block in the stock.

A secondary sell-down in shares of South Korea’s LIG Nex1 is seeing a hot reception in the market, with the block expected to price at the top of the range to raise W90.5bn ($79.1m).

Investors turned up in large numbers to take advantage of Busan Bank’s offshore bank capital debut, with the robust demand set to encourage the rare South Korean issuer to become a more frequent name in the debt market.

South Korea’s Busan Bank is looking to tie up its first Basel III compliant transaction in the offshore bond market, opening books on Monday for a dollar tier two capped at $250m.

In this round-up, Singapore Exchange reports strong trading of RMB currency futures, China’s RMB cross-border trade settlement jumps and sales under Mutual Recognition of Funds (MRF) pass Rmb2bn in May. Plus, a recap of GlobalRMB's coverage this week.

South Korea’s GS Engineering & Construction Corp made its first appearance in the dollar convertible bond market in over two years, raising $150m from its return.

South Korea’s KT Corp won over investors for 10 year paper on Tuesday, despite recent sharp movements in Treasury yields, as the borrower’s rarity value and industry strength proved attractive.

A diverse group of issuers headed to the dollar debt market on Tuesday, with a Chinese local government financing vehicle, a Singaporean real estate firm and a South Korean telephone company vying for investor attention.

State-owned Korea Gas Corp has become the first issuer from the country to venture out to the debt market following Brexit, netting $900m via two tranches that were sold at identical spreads.

State-owned Korea Gas Corp (KoGas) has gone out with its first international bond outing of the year, launching a dual-trancher dollar trade on Monday morning.