South Korea postpones dollar-denominated 10-year bonds, citing market conditions

By Aaron Hochman-Zimmerman

New York, Sept. 12 - The Republic of Korea (A2/A/A+) pulled its proposed dollar-denominated 10-year global bond offer due to unfavorable market conditions, according to a market source.

Barclays, Goldman Sachs, HSBC, Lehman Brothers, Samsung Securities and UBS were intended to act as bookrunners for the deal, which was to have been drawn from a $5 billion issuance program.

Proceeds from the sale were to be added to Korea's foreign exchange stabilization fund to be used to purchase foreign and domestic currencies, for deposits and loans to foreign and local banks, to guarantee debt incurred by foreign and Korean institutions in connection with foreign currency transactions and to temporarily pay foreign currency debt.

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