Korea Highway Corp targets international bond market

The government-owned road builder is expected to become one of the Republic''s most active international issuers.

Submissions for a $300 debut bond deal were due yesterday Wednesday with eight banks invited to pitch for a 10-year deal, which should emerge early next year. Competition to win the mandate is said to be fierce given the high prospect of repeat issuance and two banks are likely to be appointed.

Korea Highway Corp KHC is a government agency that constructs expressways for the Ministry of Construction and Transportation. Back in 1999 it mandated Merrill Lynch for a debut dollar deal. However, the plan was quashed by the Ministry of Finance and the Economy MOFE at a time when Korea was about to re-gain investment grade status and it was on a mission to...

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