Best Equity Deal of the Year, Best Privatization, Best Secondary Offering
Korea Telecom, $2.242 billion
Morgan Stanley, UBS Warburg
In an exceptionally difficult year for Asian equity issuance, Korea has proved to be the market's saving grace, producing a consistent number of high profile, well executed transactions. Korea Telecom was the biggest of the lot and for both the lead managers and Korean government it presented a number of challenges, all of which were successfully overcome.
Chief of these was the government's obsession with making sure the deal priced at a premium to the underlying stock. For the leads, there was also the wider market to contend with and in particular negative global sentiment towards...