Ron Burgundy Posted June 16, 2014 Share Posted June 16, 2014 By Seunggyu Lim and Se Young Lee SEOUL (Reuters) - Samsung Electronics Co Ltd is buying more local bonds with its $60 billion cash pile as domestic banks grow reluctant to overload on deposits from the South Korean giant. Samsung bought more than two-thirds of a 300 billion won ($294.75 million) 2-year debt issue on Friday by Kookmin Bank [KOOKM.UL], a unit of KB Financial Group Inc and the country's largest commercial bank by assets, a person with direct knowledge of the matter told Reuters. Dealers also said Samsung, which accounted for almost a third of all global smartphone shipments in the first quarter, bought nearly 300 billion won worth of three-year treasury bonds late last month. While it is not unusual for Samsung to buy bonds, dealers said it has typically bought debt issued by highly rated government-backed financial firms such as Korea Development Bank [KDB.UL] and Korea Finance Corp [KOFC.UL]. View the full article Quote Link to comment Share on other sites More sharing options...
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