KT&G priced at tight end of terms

In what bankers claim to the shortest Korean pricing meeting on record, terms for a $553.23 million government monetization in Korea Tobacco & Ginseng (KT&G) were decided within 30 minutes yesterday (Wednesday). In some ways, such an unusual feat was hardly surprising given that demand for the deal came at the tight end of all indicative ranges, with the DR book closing four times oversubscribed and the convertible book 15 times oversubscribed.