Hyundai Capital sells tightly-priced $600m bond

Despite uncertainty ahead of a key Trump speech and aggressive pricing, the five-year deal gets strong demand — and soon trades up in the secondary market.

Hyundai Capital Services, the financing unit of Korea’s largest auto maker, sold $600 million of five-year bonds early on Tuesday, ahead of US President Donald Trump’s congressional speech on economic policies.

The 144a Reg S deal was priced during New York hours after meeting strong demand from Asian, European and US investors. Before US investors starting to placing orders, the book had reached $1.4 billion as of 5.20pm Hong Kong time, according to bankers running the deal. That was similar to the $1.2 billion of orders the company garnered for a $500 million five-year bond last year.

The strong demand underlined the buoyant state of...

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