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According to people familiar with the matter, South Korea is considering introducing restrictive measures to prohibit certain foreign banks from arranging offshore bond issuances; against this backdrop, regulatory window guidance has already led to the delay of at least one related transaction.
South Korea's largest car rental company, Lotte Rental, said on Tuesday that it is postponing its first public U.S. dollar bond issuance. Sources who declined to be named said the decision was partly due to government window guidance.
The sources said regulators raised concerns about the company's appointment of KGI Asia as the underwriting arranger, because this Taiwan-funded institution does not hold a South Korean domestic securities license. The obstacle lengthened the transaction timeline, and combined with rising yields that worsened the market environment, it ultimately prompted the company to postpone the bond issuance.
The Lotte Rental case is the first known transaction to be blocked after reports said South Korean regulators were considering restricting foreign investment banks without domestic securities licenses from acting as agents for local issuers' offshore bond business.
This matter also highlights that even without a formal document, unofficial regulatory opinions can determine the success or failure of a transaction.
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