KT&G terms light up the equity markets

Representing the sale of a 20% government stake, the deal also marks the first instance of a combined convertible and equity monetization out of Asia. In doing so, it follows recent precedent in Europe where France Telecom monetized a stake in cellular operator Orange and BP sold a stake in LUKOIL. In Asia, the only time that a convertible and DR have been launched simultaneously was in October last year, when China Mobile raised $7.2 billion in new money to purchase seven domestic networks.