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Biz News Korea(Eng)

S-Oil’s domestic offering draws near triple order book

Collected: 2016.08.27

Distributed: 2016.08.29

Source: Go Direct

South Korea’s leading petroleum and refinery company S-Oil Corp. expects to raise 300 billion won ($269.2 million) in three tranches on favorable condition, given the order book has nearly tripled the offering. The AA+ grade refiner would be raising a total of 1 trillion won through domestic issues since October last year.

The latest issues offered in maturities of five years, seven years, and 10 years received orders of 820 billion won from institutional players. Pricing is due next week.

The five-year issue for 200 billion won drew 510 billion won, the seven-year and 10-year papers each offered in 50 billion attracted bids of 210 billion won and 100 billion won, respectively. KB Investment & Securities Co., Mirae Asset Daewoo Securities Co. and NH Investment & Securities Co. underwrite the debt.

Demand for top investment-grade corporate notes has been high amid dearth of investment options and ample liquidity in the low-interest environment market.

Given the oversubscription rate, the refiner is expected to tighten pricing from initial guidance.

By Ko Min-suh

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