BOCI scores sole with Korean Air perp

The South Korean national carrier joins a region-wide rush to sell perpetual bonds, drawing $900 million of demand for its maiden deal.

Korean Air Lines sold a $300 million perpetual bond on Monday, joining a recent rush of Asian issuers sellings making the most of demand for hybrid bonds.

Bank of China International BOCI was the sole global coordinator of the bond, marking the first time a Chinese bank has sole-led a G3 bond for a Korean issuer. But the bank did not have an easy passage to market, approaching investors in mid-May after Korean Air Lines announced plunging first quarter profits.

The carrier told investors on May 16 that its operating profit had fallen 41% year-on-year during the first quarter. According to its latest quarterly...

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