hyundai-capital-prices-bond-ahead-of-panic

Hyundai Capital prices bond ahead of panic

Hyundai Capital slips its yen-denominated bond past investors just prior to the global equity rout on Friday. The deal is the first Samurai arranged by UBS.

Hyundai Capital Services, one of Korea's leading credit financial service companies, succeeded in pricing a 40 billion three-year Samurai bond on Thursday, ahead of another global equity sell-off on Friday.

The deal, rated A- by the Japanese credit rating agency JCR, came just prior to violent fluctuations in equity markets on Friday, which caused Japan's bourse to tumble sharply.

The sell-off followed news that BNP Paribas had frozen $2.2 billion worth of funds hit by the US subprime mortgage crisis. This triggered the European Central Bank to inject 94.8 billion into its money markets on Thursday, with the Fed following suit, pumping $38 billion...

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