Bankers await Korean sovereign to re-open market

Deal could come as early as Wednesday, with South Korea under pressure to print a deal, to set up a benchmark for other Korean issuers looking to tap the bond market.
ICBC Asia became the first Asian bank to tap the market with a Basel III bond in 2011, but it issued in the offshore renminbi bond market, raising Rmb1 billion.
ICBC Asia became the first Asian bank to tap the market with a Basel III bond in 2011, but it issued in the offshore renminbi bond market, raising Rmb1 billion.

Bankers are waiting for a bond deal to re-open the market after the August hiatus - with hopes pinned on the Korean sovereign, which could tap the market as early as Wednesday, according to people close to the situation.

With US non-farm payrolls due to be reported on Friday, that leaves a brief window for deals to print this week. The Korean sovereign had held roadshows in June but put its deal on hold due to volatile markets.

It is under pressure to print a deal, to set up a benchmark for other Korean issuers looking to tap the bond market. Spreads for Korean issuers have also...

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