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Biz News Korea(Eng)
SK Broadband draws overwhelming demand for its corporate bonds
- Collected
- 2017.01.25
- Distributed
- 2017.01.31
- Source
- Go Direct
According to sources from the investment banking industry on Tuesday, SK Broadband drew a total 350 billion won order from institutional investors for its 100 billion won worth five-year corporate bonds during the book building session. The company and its bond sale adviser Korea Investment & Securities Co. are considering raising the volume of its offerings, the sources said. It plans to place the debt on February 3 and use the proceeds to repay its commercial papers maturing next month.
The company has successfully issued bonds totaling nearly 1 trillion won over the last three years with 340 billion won in 2014, 480 billion won in 2015 and 170 billion won in 2016, thanks to its stable profit making in the oligopolistic telecommunications market and high credit rating of AA-.
The company’s successful sale of debts with a five-year maturity also comes after investors have preferred short-term debts such as three-year bonds over long-term debts amid growing uncertainties in the economy following the political scandal surrounding President Park Geun-hye that has led the Parliament to impeach her last year and rising protectionism on the global trade front.
By Park Yoon-gu
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