Korea pushes back forex bond sale to October Bond sale has to be done within this year
Translated by Kim So-in 공개 2021-09-13 07:57:35
이 기사는 2021년 09월 13일 07:54 thebell 에 표출된 기사입니다.
South Korea’s government postponed a sale of foreign exchange stabilization fund bonds to next month from this month amid the Covid-19 pandemic, disrupting local companies’ plans to issue debt.The Ministry of Economy and Finance postponed a book building process to issue the foreign currency-denominated bonds worth up to $1.5 billion to October from the initially scheduled mid-September.
The issuance should be completed this year as the deadline approved by the National Assembly last year is the end of this year.
The decision made by the ministry is largely due to its planned roadshow, which was expected to be held on a face-to-face basis. As overseas trips are restricted due to the spread of the Delta variant, the ministry decided to push back the sale and proceed with its planned face-to-face roadshow.
Domestic companies have paid attention to the timing of the foreign exchange stabilization fund bond sale as the sale will affect a “window” they obtained from the ministry. The window refers to the date and duration of the foreign currency-denominated bond sale book building given by the Ministry of Economy and Finance, which is usually two-day long.
With the ministry’s bond sale delayed, domestic companies’ bond issuance is expected to pick up steam again as they can avoid the timing of the foreign exchange stabilization fund bonds.
The ministry is likely to be criticized for postponing its bond sale as it perplexed domestic companies’ planning to raise money in overseas bond markets. It also seems to have focused on overseas visits instead of raising funds itself amid the pandemic situation.
A total of 375 million euro worth of the foreign exchange stabilization fund bonds are scheduled to mature this year, raising doubts whether the sale is really appropriate. (Reporting by Hye-rim Pi)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
best clicks
최신뉴스 in 전체기사
-
- 우리금융 "롯데손보 M&A, 과도한 가격 부담 안한다"
- 신한캐피탈, 지속성장 포트폴리오 리밸런싱 체계 강화
- 하나금융, ELS 악재에도 실적 선방…확고한 수익 기반
- 하나금융, 자본비율 하락에도 주주환원 강화 의지
- 국민연금, '역대 최대 1.5조' 출자사업 닻 올렸다
- [도전 직면한 하이브 멀티레이블]하이브, 강한 자율성 보장 '양날의 검' 됐나
- [퍼포먼스&스톡]꺾여버린 기세에…포스코홀딩스, '자사주 소각' 카드 재소환
- [퍼포먼스&스톡]LG엔솔 예견된 실적·주가 하락, 비용 절감 '집중'
- [퍼포먼스&스톡]포스코인터, 컨센서스 웃돌았지만 주가는 '주춤'
- 신한금융, ‘리딩금융’ 재탈환에 주주환원 강화 자신감