Hyundai Mipo taps bonds market for first time since 2001

Hyundai Mipo taps bonds market for first time since 2001

Seoul: For the first time in 14 years South Korea’s Hyundai Mipo Dockyard is tapping the bonds market to raise cash. The Ulsan yard has selected NH Investment & Securities and KDB Daewoo Securities as underwriters for KRW200bn worth of corporate bonds due out on June 25. The offering might be extended by another KRW100bn.

Hyundai Mipo joins sister firms Hyundai Heavy Industries and Hyundai Samho Heavy Industries in issuing corporate bonds this year.

Hyundai Mipo, the world’s top product tanker builder, has struggled to get close to its $3bn annual orders target this year, notching up receipts for just $452m by the beginning of June.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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