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HomeMarketSouth Korea's Heungkuk exercises call option after delay By Reuters

South Korea’s Heungkuk exercises call option after delay By Reuters

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SEOUL (Reuters) – South Korea’s Heungkuk Life Insurance has decided to exercise a call option on its perpetual notes due on Wednesday, reversing its earlier move to delay the redemption, it said in a notice on its website on Tuesday.

The medium-sized life insurer’s decision last month not to pay back the $500 million bond on its first call option date of Nov. 9 had raised concerns among investors toward debt securities issued by South Korean companies.

The company said its latest decision was to “clear a confusion in markets caused by the recent announcement of a delay in redemption”, adding its parent, Taekwang Group, has also agreed to help it pay back the debt by providing help.

Story Credit: investing.com

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