In a deal that once again demonstrates the strength of the Korean domestic market, a W800 billion $677.5 million subordinated convertible bond for unlisted Samsung Card closed three times oversubscribed.
Few bankers can remember the last time an unlisted Korean company launched a convertible bond of such magnitude. Indeed, only KT has launched bigger public deals in the Korean convertible arena - including its W1.4 trillion exchangeable bond.
On this occasion 10% of the deal was bought by foreigners and 90% by retail investors and corporates. A total of 27,583 retail investors bought the deal, with average order sizes of W80 million.
This deal signals that the Korean people...