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Report: South Korean Banks to issue foreign currency bonds

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Report: South Korean Banks to issue foreign currency bonds

Several South Korean commercial and state-run banks plan toraise capital in the second half via issuances of foreign-currency denominatedbonds, The Korea Herald reported July18, citing "industry sources."

KB KookminBank plans to raise US$1 billion through two foreign-currencydenominated bond issuances of equal amount, the sources said. The firstissuance will be conducted between July and early August, while the second isset for between October and November.

Meanwhile, Busan Bank Co. Ltd. plans to issue US$250 million ofcontingent convertible bonds, or CoCo bonds, in the week of July 18.

In addition, state-run lenders andKorea DevelopmentBank are looking to issue foreign-currency denominated bonds.

Export-Import Bank of Korea, which issued NZ$350 million ofbonds July 14, plans to raise a further US$6 billion via bond issuances in2016, while Korea Development Bank is reviewing plans to raise up to US$3.5billion via foreign currency bonds in the second half, the sources said.

As of July 18, US$1was equivalent to 1.41 New Zealand dollars.