Big day for international equity issuance from Korea

Woori Financial Holdings and KT&G spring $596.5 million on equity market.

Divestments by state-owned groups KDIC Korea Deposit Insurance Corporation and Daehan Investment Trust dominated Asian equity issuance yesterday September 8, with the former placing $250 million in Woori and the latter $346.5 million in KTG.

Both deals were timed to take advantage of recent, strong share price performance, although they came on a day when the Kospi was down 0.36%. However, downward pressure was attributed to profit taking and this would have been seen as a boon for long-term investors, who were able to invest at a lower price in a broadly rising market.

KTG's deal Korea Tobacco Ginseng was wrapped up first largely...

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