SK Telecom returned to the international US dollar bond market this week after a five-year absence. In a blow-out deal, the leading Korean telecommunications firm raised $700 million and achieved the lowest coupon ever in the public market by any Asia-Pacific telco.
SK Telecom is part of SK Group, one of Korea’s biggest chaebol or conglomerates. It was set up in 1984 and now has a dominant share in the domestic market for mobile phone and wireless broadband services.
Its new bonds pay a semi-annual coupon of 2.125% and were reoffered at 99.423 to yield 2.237%. That was a spread of 147.5bp over the five-year US Treasury...
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