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Biz News Korea(Eng)
Hyundai Capital America prices 3-year $600 mn and 10-year $500 mn global bonds
- Collected
- 2016.09.28
- Distributed
- 2016.09.29
- Source
- Go Direct
The deal was $600 million in three-year and $500 million in 10-year papers, according to the investment banking industry on Tuesday. The total book size was not disclosed, but is estimated to have drawn between $1.1 billion to $1.3 billion.
The coupon rate of its 10-year bond was set at 1.75 percent and 10-year at 2.75 percent per annum, both 0.17 percentage point lower than the initial offering.
The lead managers were Barclays, HSBC, Morgan Stanley, JP Morgan, BNP Paribas, Lloyds and TD Securities. The proceeds will be used for refinancing and business operation, according to market watchers.
“I believe the coupon rate was set at favorable market conditions after the possibility of a U.S. rate hike in September was removed,” said Park Sang-joon from Korea Center for International Finance. “Still the rates did not go lower as a rate hike in December now seems certain,” he added.
The consumer financial service company in June raised $1.1 billion in three-year global bonds at a coupon of 2 percent and five-year bonds at 2.4 percent rate.
By Ko Min-suh
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