Korea Investment leads Mongolia Mortgage Corp.'s global bond issuance
Eun-hyuk Ryu
Jan 16, 2024 (Gmt+09:00)
Korea Investment & Securities headquarters in Seoul Korea Investment & Securities Co. (KIS) announced on Tuesday its successful completion of the lead management for a $225 million global bond issuance by the Mongolian Mortgage Corporation (MIK).
The firm's Hong Kong branch collaborated with Deutsche Bank to successfully issue the bonds on January 11 (local time).
MIK, akin to South Korea's Korea Housing Finance Corporation, is a Mongolian state-owned institution. The issued bonds carry a three-year maturity with an annual coupon rate of 12.525%.
This transaction is noteworthy as the first instance of a Korean securities firm spearheading a global bond issuance for a Mongolian entity.
The deal is particularly significant for its innovative structure, which integrates a new money offer with an exchange offer.
In line with its strategy to broaden its global reach, KIS recently established a global business group following an organizational restructure at the end of last year.
Notably, in January, KIS was the sole Korean securities firm to lead-manage the Export-Import Bank of Korea's $2 billion global bond issuance.
"We are actively expanding our global investment banking network and aim to proactively secure high-quality deals through collaboration with our local subsidiaries in Indonesia, Vietnam, and Singapore," a representative from Korea Investment & Securities commented,