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South Korean financial companies to raise capital from bond market

Six South Korean financial institutions are planning to raise capital from domestic debt issues in anticipation of a possible U.S. interest rate hike in June, The Financial News reported May 15, citing industry sources.

KIWOOM Securities Co. Ltd. and Korea Investment Holdings Co. Ltd. will each issue 100 billion won of three-year bonds May 29.

Meanwhile, Mirae Asset Global Investments Co. Ltd. will issue 60 billion won of three- and five-year bonds and Woori Bank will issue 200 billion won of 10-year and 15-year contingent convertible bonds, also on May 29.

Hana Financial Investment Co. Ltd. will issue 300 billion won of three- and five-year bonds June 1, while NongHyup Financial Group Inc. will issue 200 billion won of contingent convertible bonds as perpetual bonds June 4.

As of May 15, US$1 was equivalent to 1,076.75 South Korean won.