SEOUL: A South Korean insurer is taking the unusual step of delaying buying back perpetual bonds, in the first such case for the nation’s issuers since 2009 that adds to signs of a crisis in the local credit market.
Heungkuk Life Insurance Co will postpone exercising a Nov 9 call option for its perpetual note issued in 2017 because it had to delay issuance of a planned US dollar hybrid securities to repay the existing bond due to market conditions, a spokesman said.
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