Capital Markets, Korea, Malaysia, Research & Consultancy - Wednesday, April 1, 2009 12:44 - 0 Comments

Malaysia debt markets report: Hyundai Capital profile

IFR Asia Malaysia debt markets report, April 2009

Hyundai Capital Services hit two landmarks when it launched a RM650 million deal on May 20. It became the first Korean corporate issuer in Malaysian ringgit; and it raised the biggest single tranche by a foreigner in that currency.

Getting there was not especially straightforward. True, the three year senior unsecured fixed rate deal was launched amid a flurry of Malaysian interest in foreign issuers: Kexim had already been in the market by that stage, and Industrial Bank of Korea, so the interest of local investors in Korean names was already established. “The deal was based on elevated appetite from onshore investors for both the Hyundai Capital name and for Korean names in ringgit generally,” says Jan Wipplinger at Deutsche Bank, lead manager on the deal. Continue…

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