Hyundai Capital Issues Public Bonds Worth 300 Million Swiss Francs
Issuance of 300 Million Swiss Francs Fixed-Rate Public Bonds with 5-Year Maturity
[Asia Economy Reporter Ki Ha-young] Hyundai Capital announced on the 16th that it has successfully issued Swiss franc public bonds.
On the 15th, Hyundai Capital completed the issuance of 5-year fixed-rate public bonds worth 300 million Swiss francs. The issuance rate was set at the 5-year Swiss mid swap rate (CHF Mid Swap) plus 75 basis points, which is evaluated to be about 25 basis points cheaper than the dollar funding rate.
The Swiss currency is regarded as a stable currency in the global bond market. Hyundai Capital debuted in the Swiss bond market in 2010 as the first domestic private financial company, issuing bonds totaling CHF 1.68 billion over seven occasions. With the completion of this eighth issuance, Hyundai Capital has solidified its position as a regular issuer in the Swiss market. The 300 million Swiss franc bonds issued in 2018 received the '2018 Best Corporate Bond Award' from The Asset.
This issuance was conducted without a separate roadshow. It is the result of regular IR activities targeting local Swiss investors by Hyundai Capital. Due to the robust Swiss bond market sentiment at the beginning of the year, Hyundai Capital attracted demand from 68 investors, achieving 1.5 times oversubscription relative to the issuance size, reaffirming its position in the Swiss bond market. In particular, compared to the same 5-year maturity Swiss franc bonds issued last year, the issuance spread was reduced by about 25 basis points, marking the lowest spread among Hyundai Capital’s Swiss franc bonds.
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A Hyundai Capital official stated, "We chose the Swiss bond market as the first issuance market this year because it allows us to achieve competitive rates stably," adding, "Since 2010, we have been steadily supplying liquidity to Swiss investors while continuously expanding our investor base and diversifying funding sources."
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