Cho Hung and Woori offering launched

After a few days delay, the $500 million transaction begins roadshows in Hong Kong today (Friday).

As expected the four-year deal has a highly defensive structure, which guarantees investors a fixed yield for a two-year period whether or not trigger events occur that turn the transaction from a straight debt instrument into an exchangeable.

What happens with most going-public bonds is that investors receive a fixed yield and no equity optionality until a trigger event, which sees them give up some yield in return for the value of an equity option and exchange rights. From the...

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