South Korea plans to sell up to $5 billion in foreign-currency denominated bonds next year, its biggest offering since 1998. A Korean official was quoted as saying that the government intends to stabilise the countryÆs currency before launching the foreign currency-denominated bonds. The Korean won has been the most volatile Asian currency so far this year.
The government official said the foreign bond sale plan is in the government's 2009 budget proposal, but it hasnÆt decided on details like whether to issue in US dollars, euros or other global currencies.
The news comes after Korea postponed a $1 billion US-dollar denominated 10-year sovereign issue in September after the collapse of Lehman Brothers sent the...
¬ Haymarket Media Limited. All rights reserved.