Korea continues to hold centre stage

The success of a $300 million eurobond for SK Telecom yesterday (Wednesday) has demonstrated how keen investors remain on Korean paper despite the uncertainty created by the impeachment of the country's president Roh Moo-hyun. Within a day of launching roadshows on Monday, the A3/A- rated cellular operator had managed to build up a $2 billion order book, so decided to shut up early, cut out roadshows in the US and price through guidance.