KT&G priced at tight end of terms

The Korean tobacco company rolls up demand for Asia''s first major equity offering since September 11.

In what bankers claim to the shortest Korean pricing meeting on record, terms for a $553.23 million government monetization in Korea Tobacco Ginseng KTG 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.

Together the $309.1 million GDR and $244.13 million convertible represent the first combined equity and equity-linked monetization out of Asia and the first instance of a regional company buying back state-owned shares through a convertible structure. Following China Mobile's precedent in...

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 (2-10 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 (2-10 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