À̹ÌÁö È®´ë SK Hynix Inc. bonds remained hot despite eerie growth outlook on signs of fizzling out in the memory boom with its order book for its latest offering of 250 billion won ($223 million) stretching to 1.4 trillion won, which could scale up the issuance to 350 billion won.
In the book building session on Friday, SK Hynix drew 1.02 trillion won bids for its 180 billion won offering in five-year maturity and 370 billion won bids for 70 billion won in seven-year dated notes. Book runner KB Securities Co. reportedly is advising to up issuance to 350 billion won to match the overwhelming demand.
The proceeds from the debt raised in benign rates will be used to repay 450 billion won bond maturing on May 30, 2019, according to sources. The chipmaker returned to the debt market in just five months after its 300 billion won offering in March.
Investors¡¯ debt appetite for the top investment-grade chipmaker stayed strong despite worries that a supply glut next year could snap the winning streak for chip industry.
SK Hynix has been breaking records in earnings since last year. Profits have brought down its debt ratio to below 50 percent even as the company made record investments.
In April, Korea¡¯s top credit rating firm NICE Investors Service upgraded SK Hynix¡¯s debt rating one notch from AA- to its third-highest ¡®AA¡¯ with stable outlook.
By Jung Hee-young and Cho Jeehyun
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