Hyundai Capital drives into the overseas debt market

Stepping away from ABS issuance, Hyundai Capital launches new dollar bond.

Korean automobile financing firm Hyundai Capital Services secured a strong showing for its newest international bond on Thursday November 17. Under the lead management of JPMorgan, Merrill Lynch and UBS, the Baa3BBB rated group decided to increase its SEC registered deal from $300 million to $400 million on the back of a $800 million order book.

The rated notes priced at the tight end of initial guidance of 65bp to 70bp over mid-swaps. Pricing was fixed at 99.690% on a semi-annual coupon of 5.5% to yield 5.572%. This equates to 65bp over mid-swaps, or 113bp over Treasuries.

Despite the market's recent softness, the...

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