MERITZ Securities, a subsidiary of Meriz Financial Group, will issue 300 billion won in the corporate bond market on the 27th after completing a pre-demand survey for institutional investors.
According to the investment banking (IB) industry on the 26th, MERITZ Securities completed a demand survey with a goal of raising a total of 300 billion won, comprising 120 billion won in 2-year bonds and 180 billion won in 3-year bonds, targeting institutional investors from the 24th to the 25th.
Typically, companies preparing to issue public corporate bonds announce demand forecasting at least 1 to 2 weeks in advance and gather institutional investors. However, MERITZ Securities decided to issue the corporate bonds in a bulk reporting form, mainly used by banks and credit card companies.
In this regard, a representative from MERITZ Securities noted that "MERITZ Securities has issued corporate bonds in a bulk reporting form without the usual demand forecasting procedure."
Meriz Financial Group will also proceed with the issuance of new capital notes (perpetual bonds) worth up to 250 billion won on the 3rd of next month. The interest rate band is expected to be set at a fixed rate of 4.2% to 4.7% per annum.