Kumgang begins roadshows

Presentations begin in Hong Kong today (Tuesday) for a $100 million tap.

Investor roadshows for Korea's largest diversified manufacturer of glass, industrial paint and building materials, continue in Singapore on Thursday and New York the following Monday, with pricing expected Tuesday.

Led by JPMorgan, Kumgang Korea Chemical KCC is hoping to re-open its $100 million bond of June last year, in what should represent a welcome liquidity boost to a small and closely held issue. The 7.625% June 2008 deal is currently bid at 105% to yield 6.61% or 220bp over Treasuries. Originally priced over a 10-year Treasury and now quoted over a five-year, the deal has tightened 50bp in spread terms and 101.5bp in yield terms since launch.

KCC is one of only three...

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