KB Securities Co. topped South Korea’s debt capital market (DCM) league tables by lead-managing 7.68 trillion won ($6.24 billion) debt issuance as of the end of April.
According to data released by Maeil Business Newspaper on Wednesday, KB Securities ranked top in debt underwriting by handing 24 percent of new issues in the first four month. Its share increased from 21.2 percent at the end of last year.
The nation’s debt market has been chilled due to the coronavirus outbreak, with corporate pipeline thinning by 16 percent to 32 trillion won from January to April against a year-ago period. But KB Securities packaged the debt well even to sell papers from hardest-hit industries such as hotels and airlines.
KB Securities also helped A-rated companies to raise funds through debt sales at a time when demand for lower investment grade bonds has been faltering due to the risk-aversion sentiment of investors amid coronavirus. Hyundai Auto Electronics with a rating of A0, Poongsan with A0 and Hana F&I with A- sold bonds with help from KB Securities.
“Our role is to narrow the gap between buyers and sellers,” KB Securities analyst Joo Tae-young said. “We will work hard to contribute to market stabilization by helping more A-rated firms to sell debts.
By Han Woo-ram and Choi Mira
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]