South Korea’s Shinhan Investment Corp. has successfully arranged a $90 million offering of three-year Kimchi bonds for an Indonesian company, together with Kiwoom Securities and KB Securities.
It was the second non-Korean won-denominated debt offering by an Indonesian company in Korea after September last year, Shinhan Investment said Thursday. The two debt sales were all led by Shinhan Investment, adding symbolic credential to the Shinhan name in the Southeast Asian investment banking market, it added.
Three Korean brokerages worked together for the latest sale for PT Lontar Papyrus Pulp & Paper Industry (LPPI), an affiliate of the world’s largest pulp and paper manufacturer Asia Pulp & Paper Group (APP) based in Indonesia. APP is owned by one of Indonesia’s top three conglomerates Sinar Mas Group.
Shinhan Investment has been actively seeking synergy with its local entities to raise its competitiveness in Indonesia. By closely communicating with Indonesian subsidiaries, the company has secured various local projects including initial public offerings, rights offerings to shareholders and bond issuances.
By Cho Hee-young and Lee Ha-yeon
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