If at first you don't succeed, try, try again. That seems to be the message from the highly successful relaunch of LG Caltex's $300 million bond issue.
The Korean oil refiner had started roadshows for the issue on July 19 only to see its offering derailed by a high profile labour dispute. Indeed, having gone through Singapore, Hong Kong, Boston and New York, the decision was taken to delay.
However, with the labour dispute coming to an end joint bookrunners, Bank of America, Citigroup and Deutsche Bank decided to relaunch the transaction last Friday. Ironically, the deal benefited from the delay thanks to a US treasury market...
