Capital markets: local firms in South Korea

Bae, Kim & Lee LLC

Bae, Kim & Lee LLC handles the full life cycle of transactional work, including deal structuring, negotiation, closing and post-closing. Areas of expertise include cross-border transactions, IPOs, securities, derivatives, structured finance and securitization. The firm also handles tax issues, due diligence, reviewing contracts and negotiating, reporting foreign exchange transactions and registering overseas funds. The team advises on alternative investments in various fields including real estate, infrastructure, energy, aircrafts, vessels and commodities. Co-head of team Eui Jong Chung counts global financial institutions and private equity funds amongst his clients; he is adept at advising on regulatory matters for cross-border transactions. Hee-Gang Shin is also recommended; he focuses on corporate finance, corporate governance, private equity and project finance. Jeong Hoon Lee joined as partner from Shin & Kim.

Practice head(s):

Eui Jong Chung; Jihee Han

Other key lawyers:

Hee-Gang Shin; Mi Eun Roh; Young-Joon Cho; Seung Il Hong; Ho Jin Kim; Jeong Hoon Lee

Key clients

The Korea Development Bank

MIRAE ASSET DAEWOO

Credit Suisse

CITIGROUP GLOBAL MARKETS

BANK OF AMERICA MERRILL LYNCH

Shinhan Financial Group Co., Ltd.

NH-Amundi Asset Management Co.,Ltd.

HSBC

Samsung Securities Co., Ltd.

Hana Financial Group Co., Ltd.

Work highlights

  • Advised on LG Display Co., Ltd.’s issuance, offering and sale of $300m 3.875% Guaranteed Senior Unsecured Green Notes due 2021 (the “Green Bonds”) guaranteed by The Korea Development Bank. The Green Bonds were listed on the Singapore Exchange Securities Trading Limited.
  • Advised LTD on the issuance of approximately ₩2.2m new shares (the “Shares”). The method of issuance, was by way of a public subscription to forfeited shares, after an offering to shareholders.
  • Advised the underwrites on the Republic of Korea’s issuance of $500m 3.500% notes due 2028 and the $500m 3.875% notes due 2048 (together, the “Foreign Exchange Equalization Bonds”) on September 20, 2018, which were listed on the Singapore Stock Exchange.
  • Advised SHI and the lead managers on the issuance of new shares in an aggregate amount of ₩1.4 tn by way of a public offering of forfeited shares after offering to existing shareholders of SHI.

Kim & Chang

Kim & Chang takes a multidisciplinary approach to capital markets, the team works hand in hand with counterparts in the tax, competition, insolvency and labour practices. Areas of expertise include IPOs, public and private offering of equity-linked securities, credit and equity-linked derivatives, asset backed securities, hybrid bonds and straight bonds. It also advises on transaction structure, regulatory issues and tax. Myoung-Jae Chung is recommended for his expertise in M&A, capital markets transactions, derivatives and investment funds. Senior associate Kwon Eui Park focuses on M&A, securities transactions, securities regulations and corporate governance.

Practice head(s):

Kye Sung Chung

Other key lawyers:

Myoung-Jae Chung; Kwon Eui Park; Yong-Ho Kim; Ie Hwan Yoo; Yong Seung Sun; Young Man Huh; Chang Hyeon Ko; Seon-Jee Lee; Seung Jae Yoo

Key clients

J.P. Morgan Securities (Far East) Limited.

Sumitomo Mitsui Banking Corporation

BNP Paribas

Credit Suisse

Citigroup Global Markets Korea Securities Limited

Standard Chartered Securities

Nomura Securities

Morgan Stanley

Bank of America Merrill Lynch

Goldman Sachs

Work highlights

  • Assisted and advised the lead managers and the bond trustee for the issuance of  €500m social covered bonds by KHFC.
  • Advised both Morgan Stanley and Naver Corporation in all aspects of Line Corporation’s issuance and offering of its  ¥73.2 bn convertible bonds to certain investors (including Naver Corporation).
  • Assist Woori Bank in Issuance of BASEL III USD 300 Million Foreign Currency Denominated Tier II Subordinated Notes.
  • Assisted the Korea Development Bank in its Issuance of Formosa Bonds.
  • Acted for NH Investment as sole arranger in connection with an issuance by CJ Logistics Corporation of perpetual bonds.

Shin & Kim

Shin & Kim handles debt and equity matters including IPOs, offshore issuance of convertible bonds, global depository receipts, American depository receipts, exchangeable bonds and dual listings. The firm also advises on all cross-border securitization deals involving Korean companies. Tae-Yong Seo is recommended for his experience in large IPOs. Jong-Uk Lee is recommended for his experience in bond deals. Seong-Eun Cho was promoted to partner and Jeong-Hoon Lee left the firm for Bae, Kim & Lee LLC.

Practice head(s):

Sang Man Kim

Other key lawyers:

Tae-Yong Seo; Jong-Uk Lee; Yong Jin Park

Key clients

Samsung Securities

Korean Investment Securities

Mirae Asset Daewoo

Daiwa Securities Capital Markets Co. Ltd.

Shinhan Financial Investment

Daeshin Securities

Shinhan Card

Mercedes Benz Financial Services Korea

Hyundai Capital Services

Yuanta Securities

Standard Chartered Bank

Korea Development Bank

Work highlights

  • Advised on the IPO of JTC Inc, thefirst Japanese company to be listed on the Korea Stock Exchange in six years
  • Advised the listing of Digital Imaging Technology, Inc. on the Korea Exchange.
  • Advised on the listing of Adaptive Plasma Technology Corp. on the Korea Exchange.
  • Advised the listing of L&C Bio Co, Ltd on the Korea Exchange.
  • Advised on the the listing of Daebo Magnetic Co, Ltd on the Korea Exchange.

Lee & Ko

Lee & Ko is active in the debt capital markets, equity capital markets, derivatives, private equity and investment funds arenas. Areas of expertise include subordinated bonds, hybrid bonds, securitization, domestic and cross-border IPOs, disputes and regulatory matters. The firm has particular expertise in the fintech and bio-tech sectors and advises banks, insurance companies, securities companies, asset management companies, credit-specialized financial companies, financial holding companies, major corporates and public enterprises. Wonsik Choo is recommended for his experience in equity issuances, IPOs, listing, de-listing, M&A financing and compliance. Hyunjoo Oh is adept at handling securities, structured capital market products, derivatives, capital markets licensing, compliance issues, foreign exchange regulations and disputes.

Practice head(s):

Wonkyu Han

Other key lawyers:

Wonsik Choo; Hyunjoo Oh; Seung-A Hyun; Jun Woo Cho; Je Won Lee

Key clients

Belstar

Citigroup Global Markets Inc.

Daeshin Securities Co., Ltd.

DBS Bank Ltd

Deutsche Bank

Export-Import Bank of Korea

Hanwha Asset Management Co., Ltd.

J.P. Morgan Securities LLC

JR AMC Co., Ltd.

KB Securities Co., Ltd.

KDB Infra Asset Management Co., Ltd.

KEB Hana Bank

Kiwoom Securities Co., Ltd.

Korea Asset Investment Management Co., Ltd.

Korea Investment & Securities Co., Ltd.

Korea Investment Corporation

Korea Transportation Asset Management

KTB Asset Management Co., Ltd.

Kyobo Securities Co., Ltd.

Goldman Sachs International

Hana Asset Management Co., Ltd.

Hana Financial Investment Co., Ltd.

Macquarie Asset Management

MERITZ Securities Co., Ltd.

Merrill Lynch

Mirae Asset Daewoo Co., Ltd.

Mizuho Bank, Ltd.

Multi Asset Global Investments Co., Ltd.

National Pension Service

Rhinos Asset Management Co., Ltd.

Samsung Securities Co., Ltd.

Shinhan Bank

Shinhan Investment Corp.

SK Securities Co., Ltd.

The Korea Development Bank

The Hong Kong and Shanghai Banking Corporation Limited

Yuanta Securities Korea Co., Ltd.

Work highlights

  • Represented KORAIL for KORAIL’s establishment of a $2 bn Medium Term Note Program.
  • Represented the Bookrunners in connection with the Export-Import Bank of Korea’s (“KEXIM” or the “Issuer”) issuance of $800m Floating Rate Notes due 2021 and the US$700m Floating Rate Notes due 2023.
  • Represented a Korean private equity fund established and managed by Heungkuk in its acquisition of non-convertible preferred shares of Toshiba Memory worth  ¥55 bn.
  • Represented a consortium established and managed by Heungkuk and Meritz on its mezzanine investment to purchase a portfolio of 18 second-hand aircraft from Dubai Aerospace Enterprise (DAE) Ltd.
  • Represented KAL on securitization of its future passenger receivables worth $350m.

Yulchon

Yulchon handles both debt and equity capital markets issues. It advises issuers and underwriters on the offering process, raising capital and regulatory issues. Other areas of expertise include block trades, IPOs, bond issuance and securitization. Kyu Sik Kim is recommended for his experience in financial regulation, structured finance, project finance, M&A and acquisition finance. Associate Soo Yeon Choi is also recommended.

Practice head(s):

Hee Woong; Doil Son; Young Su Shin; Sung Wook Eun

Other key lawyers:

Kyu Sik Kim; Soo Yeon Choi

Key clients

Shinhan Investment Corp. / Shinhan Bank

Lotte Property & Development Co., Ltd.

Lotte Shopping Co., Ltd.

GS Caltex

Viva Republica, inc.

Korea Eximbank

Hyundai Card Co., Ltd.

Citigroup Global Markets Korea Securities Limited

Goldman Sachs (Asia) L.L.C.

LOTTE DATA COMMUNICATION COMPANY

Hyundai Autoever Corporation

NH Investment Securities

Work highlights

  • Represented Lotte as issuer and Kookmin Bank as guarantor in the issuance of $200m Guaranteed Senior Unsecured Sustainability Floating Rate Notes due 2021 unconditionally and irrevocably backed by KB Kookmin Bank.
  • Advised GS Caltex on the issuance of CHf 100m 0.633% Bonds due in 2024 (the “Notes”). BNP Paribas and Credit Suisse were joint lead managers.
  • Advised on Viva Republica, inc on issuing new redeemable convertible preferred stocks to the Government of Singapore Investment Corporation  and the funds managed by Sequoia China.
  • Advised Korea Eximbank on issuing Floating Rate Debt Instruments amounting to A$500m under the Australian Domestic Debt Issuance Programme of the issuer – privately placed in Korea and listed in Australia.
  • Advised Shinhan Bank on issuing Subordinated Debt Instruments amounting to A$400m. ANZ Banking Group acted as the lead arranger for this offering.  

Jipyong

Equity capital markets remains the mainstay of the capital markets team at Jipyong, which is led by Haeng-Gyu Lee. The firm saw a uptick in instructions from pharmaceutical companies, with iCure Pharm and T&R Biofab featuring as new additions to its client list. Mandates regarding listings on the Korean Securities Dealers Automated Quotations (KOSDAQ) trading board comprise a significant piece of the practice. Foreign attorney Ki-Il Ban, who is qualified to practice in New Zealand, is another key practitioner. Also recommended is associate Joong Sung Ahn, who possesses expertise in a broad range of financial regulations and often advises both domestic and foreign companies on their initial public offerings (IPO) on the Korea Exchange.

Practice head(s):

Haeng-Gyu Lee

Other key lawyers:

Ki Il Ban; Joong Sung Ahn

Key clients

Mirae Asset Daewoo Co., Ltd.

NH Investment & Securities Co., Ltd.

Korea Investment & Securities Co., Ltd.

Kiwoom Securities Co., Ltd.

Samsung Securities Co., Ltd.

iCure Pharm. Inc.

T&R Biofab Co., Ltd.

Work highlights

  • KOSDAQ listing: Jipyong carried out legal due diligence on SV Investment on behalf of the lead managers, Mirae Asset Daewoo and SV Investment.
  • KOSDAQ listing: Jipyong conducted legal due diligence on S-Fuelcell, a hydrogen fuel cell company, on behalf of Korea Investment & Securities and S-Fuelcell.
  • KOSDAQ listing and Advice on Internal Control System: Jipyong conducted legal due diligence on iCure Pharm on behalf of Kiwoom Securities and iCure Pharm, and contributed to its successful listing on the KOSDAQ market.
  • KOSDAQ listing: Jipyong conducted legal due diligence on Aju IB Investment on behalf of Mirae Asset Daewoo and Aju IB Investment.
  • KOSDAQ listing: Jipyong identified the outstanding issues causing the delay in the review of the CytoGen listing on behalf of Kiwoom Securities and CytoGen.

Yoon & Yang LLC

Yoon & Yang LLC is adept at handling IPOs, regulatory matters, litigation and disputes, M&A, fundraising and restructuring. Other areas of expertise include issuance and acquisition of securities, establishment and management of investment funds, and structured financing. Clients include banks, financial institutions, major corporates and state-owned enterprises (SOEs). Head of team Soonghee Lee is experienced in transactional work, litigation and regulatory issues; with a particular focus on the financial industry, including banking, securities, and asset management.

Practice head(s):

Soonghee Lee

Other key lawyers:

Young Ho Kang; Sung Woon Kang; Hyun Suk Jung; Dong Seon Kim

Key clients

Shinhan Bank

Woori Bank

KEB Hana Bank

Korea Development Bank

Export-Import Bank of Korea

Korea-Deposit Insurance Corporation

NH Investment & Securities

Korea Investment & Securities

Mirae Asset Daewoo

Samsung Securities

Korea Asset Management Corporation

DB Financial Investment

Korea Investment Holdings

Work highlights

  • Advised Wing Yip Food (China) Holdings Group Limited in its IPO on Korea’s KOSDAQ market.
  • Advised the PEF on various legal issues which could arise from liquidation of shares rather than the PEF selling its shares and cashing out.
  • Acted as legal counsel for Eone Diagnomics Genome Center in its successful listing on the KOSDAQ market in June 2018.
  • Advised Enzychem Lifesciences Corporation on its transfer from being listed on the KONEX market to the KOSDAQ market.
  • Advised GTG Wellness on its transfer from being listed on the KONEX market to the KOSDAQ market.