Korean Air Lines' attempts to improve its leverage ratios amid the collapse of its affiliate Hanjin Shipping came crashing down on Tuesday after the group pulled a $300 million hybrid bond issue following two days of attempted syndication.
The unrated group's 30- non-call three-year bond is believed to have fallen victim to a chasm that opened up between the borrower and its prospective investors' pricing expectations in an unforgiving market where the power has shifted temporarily at least from the former to the latter.
Korean issuers have never been known for their emollient attitude during pricing meetings as many bankers have recently been...
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