INI Steel launches convertible

Goldman Sachs brings a new name to the Korean credit universe.

The US investment bank launched a $100 million convertible for Korea's largest specialist steel manufacturer yesterday Monday.

At a time when the straight debt markets are readily absorbing high yield names from the right Asian credits, the combination of a Korean country tag and Hyundai Motor ownership tag is expected to play well with investors. Year-to-date, there has also been just one straight debt issue from the country for the Korea Development Bank and no convertible issuance at all....

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