INI Steel launches convertible

Goldman Sachs brings a new name to the Korean credit universe.

The US investment bank launched a $100 million convertible for Korea's largest specialist steel manufacturer yesterday Monday.

At a time when the straight debt markets are readily absorbing high yield names from the right Asian credits, the combination of a Korean country tag and Hyundai Motor ownership tag is expected to play well with investors. Year-to-date, there has also been just one straight debt issue from the country for the Korea Development Bank and no convertible issuance at all.

For investors, the deal should, therefore, provide welcome diversification from a heavy pipeline of Taiwanese issuers. However, it will also test the outer limits of investor appetite for sub-investment names towards the bottom end of...

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