In what bankers claim to the shortest Korean pricing meeting on record, terms for a $553.23 million government monetization in Korea Tobacco Ginseng KTG were decided within 30 minutes yesterday Wednesday. In some ways, such an unusual feat was hardly surprising given that demand for the deal came at the tight end of all indicative ranges, with the DR book closing four times oversubscribed and the convertible book 15 times oversubscribed.
Together the $309.1 million GDR and $244.13 million convertible represent the first combined equity and equity-linked monetization out of Asia and the first instance of a regional company buying back state-owned shares through a convertible structure. Following China Mobile's precedent in...
