Triple-A rated SK Telecom, KT tap 10-yr bond market

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Triple-A rated SK Telecom, KT tap 10-yr bond market - Korea Economic Daily

Quick Summary:

Buoyed by the strong demand, KT is considering increasing the debt issuance to 300 billion won.KB Securities Co., NH Investment & Securities Co, Korea Investment & Securities Co.and SK Securities Co.underwrote them.SK Telecom, the No.1 mobile carrier in South Korea, will book build 150 billion won for its new bond issuance with three, five and 10-year durations on Dec.3.

South Korean companies with top-notch credit ratings such as SK Telecom Co.and KT Corp.are returning to the long-term bond market amid rising interest in longer-dated, higher-yielding bonds before widely-expected interest rate cuts next year.

KT, the country’s largest telecom service provider, saw 200 billion won ($142 million) in its new bonds nearly six times oversubscribed in book building on Monday, drawing a total of 1.16 trillion won in demand, according to investment banking sources.