Korea pipeline halted by government, but KFB slips through

Korea First Bank takes advantage of an issuance window created by the government''s decision to halt offshore borrowing.

Korea First Bank KFB successfully completed a long-awaited subordinated debt issue yesterday Wednesday after quietly re-launching the $200 million deal via an accelerated bookbuild. The bank was able to take advantage of favourable issuance conditions because the Korean MoFE Ministry of Finance Economy has decided to stop approving new issues because of concerns about the rising Won. As a result, prospective transactions for Kogas and the NACF are believed to have been postponed until later in the fourth quarter.

KFB was able to slip through, however, because it secured launch approval during the summer. As such it has found itself the beneficiary of an empty pipeline and none of the usual investor...

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