Kakao returns home for CB issue

For the second time in less than a week a Korean firm is shying away from the international bond markets in favour of a local issue.
Kakao is the operator of KakaoTalk, Korea's leading instant messaging application
Kakao is the operator of KakaoTalk, Korea's leading instant messaging application

Kakao Corp has become the second Korean issuer in the space of a week to opt for a domestic equity-linked deal, announcing plans to raise W250 billion $219 million.

The Kosdaq-listed company’s decision follows hot on the heels of GS Engineering Construction GS EC, which is also raising W250 billion from a domestic convertible bond to refinance a previous dollar-denominated deal.

Unlike GS EC, Kakao has not previously issued in the international markets. However, a number of convertible bond traders told FinanceAsia the chat app and web search operator had been sounding out an international deal after it...

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