Investors open to new bonds, Suhyup fits the bill
October 11, 2011 You can access the full text of this article on Euroweek website
Korean lender Suhyup Bank is only the latest in a long line of Asian borrowers to meet bond investors over the last few weeks, despite overwhelming market volatility. But newly-confident fund managers think the issuer could stand out from the crowd — by pulling off the first new issue from Asia in more than a month.
Bank of America Merrill Lynch, Citi, ING, Royal Bank of Scotland and Standard Chartered are taking funding officials from the state-owned financial institution on the road this week, arranging meetings with investors in Europe and Asia. The roadshow will finish on Thursday, and Suhyup — part of Korea's National Federation of Fisheries Cooperatives — could choose to launch a deal worth around $300m next week, with the most likely maturity being five years.
Several other companies have hit the road to pitch potential dollar bonds over the last month, but they have all been met with a wall of scepticism, failing to entice a battered investor base back to the market. That changed this week, after surprising US employment data on Friday (October 7).
Company — Suhyup Bank
Full nameSuhyup Bank
Registration countryRepublic of Korea