KT&G: with a little help from some friends

After a marathon pricing meeting, an equity offering gets done thanks to a couple of key orders.

The difficult execution of the Korean government's final divestment of stock in Korea Tobacco Ginseng KTG last Friday has cast an even more negative pall over what remains of the year's depleted equity pipeline. Many have concluded that if such a defensive stock with one of Asia's most attractive dividend yields has struggled to attract investor interest in the current market, what hope is there for anyone else.

For many, what was most depressing was the fact that while the $229 million offering managed to secure 60 orders, most were very small and the deal got done largely because it was bolstered by a handful of large anchor orders. Two funds alone are believed...

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