[THE INVESTOR] Commercial and state-run banks of South Korea are planning massive foreign currency-denominated bond issuances in the second half of the year.
According to industry sources, KB Kookmin Bank is planning to raise US$1 billion by issuing foreign currency denominated bonds. The bank is reported to be planning two issuances of equal amount. The first is set for between late July and early August, and the second is planned for sometime between October and November.
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Headquarters of KB Kookmin Bank in central Seoul |
The bank is planning to use the funds raised to cover the cost of foreign currency bonds that reach maturity this year.
In addition, Busan Bank is set to issue contingent convertible bonds to the value of US$250 million this week.
State-run banks are also rushing to raise significant sums from foreign currency denominated bonds.
The Export-Import Bank of Korea, which issued NZ$350 million bonds on July 14, plans to raise US$6 billion in bonds within the year.
The Korea Development Bank is also said to be reviewing plans for raising as much as US$3.5 billion with foreign currency bonds during the second half of the year.
By Choi He-suk (
cheesuk@heraldcorp.com)
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