Doosan Infracore offers hybrid structure for lower-rated companies

Doosan Infracore's credit-enhanced hybrid is expected to be replicated by other borrowers.

Doosan Infracore offers hybrid structure for lower-rated companies

Korea construction firm Doosan Infracore closed a $500 million hybrid on Tuesday night, and bankers expect that its structure will be replicated by other lower-rated borrowers that would struggle to raise funds or have to pay up on a standalone basis.

The 30-year non-call five-year hybrid was unique as it offered a credit enhancement and a put option to investors. Korea Development Bank, Woori Bank and Hana Bank, which are all investment-grade banks, act as...

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