Theworld's largest investment bank Goldman Sachs decided to issue "Arirangbonds" worth 20 billion won. This indicates that the investment bank has abright outlook the Korean economy.
ForAmerican securities firms to issue non-dollar denominated bonds like Arirangbond, the stability of the local currency is an important precondition. GoldmanSachs' latest decision reflects its view that given the fundamentals of theKorean economy, chances are low for the won to make volatile movements.
Accordingto industry sources on May 16, Goldman Sachs is set to issue 20 billion wonworth of Arirang bonds with a maturity of 20 years on May 17. Hana FinancialInvestment is a lead manager for the issuance of the Arirang bonds with anannual compound yield rate of 2.75 percent.
Thecredit rating for the Arirang bonds for which Goldman Sachs will issue is giventhe highest grade of AAA. A local insurance company is believed to have a planof purchasing the bonds.
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