Kepco prints $700 million of debt

US investors, enjoying a healthy pickup in yield, buy 63% of Kepco's new 3% bonds.

Korea Electric Power Corporation Kepco came to market late Monday night Hong Kong time with $700 million of senior unsecured debt. The five-year notes were issued with a 3% semi-annual coupon and were re-offered at 99.664 to yield 3.073%.

The bonds printed at 180bp over the five-year US Treasury yield, which was aggressive compared to Korea Hydro and Nuclear Power Company's recent 2015 bonds. At the time of pricing, Korea Hydro was trading at 184bp over Treasuries.


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