Hyundai Department Store bond sale meets strong investor demand Bids totaling $774 million received during bookbuilding
Translated by Kim So-in 공개 2022-05-23 08:08:21
이 기사는 2022년 05월 23일 08:05 thebell 에 표출된 기사입니다.
South Korea’s Hyundai Department Store has attracted 980 billion won ($774 million) in orders from some investors for its first public bond offering this year.The company’s 200 billion won 3-year bond received orders worth 980 billion won during bookbuilding on Wednesday, according to industry sources. Shinhan Financial Investment, NH Investment & Securities and Kyobo Securities managed the bond sale.
Hyundai Department Store tightened pricing thanks to strong investor demand.
Initial pricing guidance was proposed at between minus 20 and plus 20 basis points of the average yield calculated by major local credit rating agencies. Final pricing on the bond was 7bp below the average yield. On Wednesday, the company’s average yield for the 3-year bond was 3.753%, comparable with an average yield for AA+rated companies.
Pension funds, banks and insurance companies participated in the bookbuilding. The company is reviewing an option to increase the offering to up to 280 billion won.
Final pricing for bonds issued by other AA+ rated companies, including JB Financial Group, SK, Lotte Chemical, Samsung C&T and NH Investment & Securities were all set at 2-25bp above the average yield earlier this year.
Hyundai Department Store’s revenue is starting to improve amid prolonged pandemic and an increase in online purchases. The company recorded 934.4 billion won in revenue in the first quarter, up 36.8% from a year earlier on a consolidated basis. Its operating profit also increased by 36.7% year-over-year to 88.9 billion won in the same period.
The company’s total borrowings increased by 165.9 billion won to 1.25 trillion won in the first quarter and its net borrowings decreased by 92.2 billion won to 273.8 billion won on a consolidated basis. Its cash equivalents increased by 258.2 billion won to 978.2 billion won in the same period. (Reporting by Chan-mi Oh)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 주관사단 '몸집 줄인' 롯데, 미매각 부담 덜어냈나
- [Korean Paper]외평채 벤치마크 '물음표'…통화 다각화로 돌파할까
- [Korean Paper]'중동+고금리' 리스크에 하나은행 선방했다
- [HD현대마린솔루션 IPO]HD현대중공업 데자뷔, '삼성·대신증권' 인수단 포함
- 하이스틸, 미국발 훈풍 타고 성장 기대감
- 셀론텍, 중국에 테라필 의료기기 등록 신청
- 제이스코홀딩스 "필리핀 다나가트 광산 니켈 채굴 임박"
- 폴라리스오피스, 위레이저와 '해운물류 문서 AI 혁신' 맞손
- EV첨단소재, 나라장터 엑스포에 '투명LED 필름' 출품
- 카카오, 외화 메자닌 발행 추진