GS E&C opts for domestic CB refinancing

South Korean engineering and construction company returns to the domestic convertible bond market as Asian dollar-denominated issuance shrivels up.

GS Engineering Construction, commonly known as GS EC, has opted to refinance a dollar-denominated convertible in the domestic bond market where it can achieve a cheaper cost of funds than the international market.

The Korean civil engineering company’s decision underlines just how moribund conditions are in the international convertible bond market where there have been only 14 equity-linked deals from Asia ex-Japan in the first three-months of this year according to Dealogic.

This represents the lowest fundraising volume since 2010 and issuance has also been highly concentrated, with 80% of the total emanating from deals by Chinese railway duo CRRC and CRCC....

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