Fed’s big rate cut spurs Korean firms to issue foreign bonds

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Industrial Bank of Korea is set to sell $800 million in foreign currency bonds, the lender’s largest-ever issuance of such debt -- $300 million in three-year notes and $500 million in five-year bonds, according to investment banking industry sources on Tuesday in Seoul.The bank enjoyed $4.6 billion worth of orders from global investors in the bookbuilding session, the sources said.

MORE TO COMEOther South Korean companies are lined up to raise money through foreign currency bond sales.KT Corp., the country’s leading telecommunication carrier, plans to issue foreign currency bonds, for the first time in two years, while the Korea National Oil Corp.(KNOC) is scheduled to hold a bookbuilding session this week for such notes.

US ELECTION, MATURITIESSouth Korean companies are expected to rush to issue foreign currency bonds next month, given the growing uncertainties over the US presidential election in November, sources said.“More companies decided to put forward bond sales as the US election is too close to call,” said an investment banking department official at a brokerage in Seoul.

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Category: Economy

Markets: South KoreaTaiwan

Topics: Companies Foreign Bank Sell Korea Bond Sources Korean Million Currency Bonds

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Article Type: News Report

Published On: 2024-09-25 @ 12:17:39 (2 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

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