KDIC exchangeable draws investor encore

Books close early 11 times oversubscribed, as the deal prices at the tight end of its indicative range.

After all the controversy surrounding the mandate of the $500 million deal, the deal's launch yesterday Tuesday proved remarkably straightforward, though a tiring slog for the lead bankers, one of whom only managed to grab a few hours sleep the night before pricing in a cardboard box beside his desk.

Having initially thought that an exchangeable into Cho Hung and Woori would be completely unworkable, many ECM bankers now concede that the deal has hit a sweet spot in the market, benefiting from the recent upward trajectory of the Korean stock market, tightening bond spreads and credit momentum led by Standard Poor's sovereign upgrade to BBB and Moody's change in outlook from stable to positive....

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222