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May 11, 2020

Hyundai raises KRW600bn from bond issue

Hyundai Motor said it has issued KRW600bn (US$493m) of new bonds amid strong investor demand, twice the amount originally planned, with the company looking to strengthen its balance sheet as the COVID-19 coronavirus continues to impact its global vehicle sales.

By bcusack

Hyundai Motor said it has issued KRW600bn (US$493m) of new bonds amid strong investor demand, twice the amount originally planned, with the company looking to strengthen its balance sheet as the COVID-19 coronavirus continues to impact its global vehicle sales.

The South Korean carmaker's global vehicle sales plunged by almost 57% to 159,079 units in April from 368,953 units a year earlier, with overseas sales down by over 70% to 88,037 units.

In the first four months of the year, global sales were down by close to 24% at 1,062,505 units from 1,390,344 units previously.

The bonds issued by Hyundai Motor last week had maturity periods ranging between three and seven years and will help refinance maturing dollar denominated debt, the company said in a regulatory filing.

The debt sale was jointly organised by Mirae Asset Daewoo, KB Securities Company and NH Investment & Securities Company.

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