Korean bonds heavily oversubscribed in January boom

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Korean bonds heavily oversubscribed in January boom - Korea Economic Daily

Quick Summary:

The anticipation of further interest rate cuts as early as next month has prompted investors to flock to bonds to lock in current yields, although expected returns are lower than last year, said investment bankers.SK Chemicals Co.'s sale of a 100-billion-won bond attracted 752.0 billion won in bookbuilding on Jan.20.

Some of them have bumped up their issuance volume, or considering doing so to meet the demand.Korean Air Lines Co., the country’s flag carrier, saw its new bonds worth 200 billion won ($140 million) more than three times oversubscribed, drawing 660 billion won in bookbuilding on Jan.20.

Their yields are below the implied yield by 7 and 10 bps, respectively.Hanwha Energy Corp.saw its 100 billion won in new debt more than seven times oversubscribed, bringing in 706.0 billion won in bookbuilding.