Singapore Power International subsidiaries launch Arirang bond

Having developed the concept of the Kimchi bond earlier this year(Korean issuers raising US dollar funds in the domestic market), Salomon Smith Barney has set its sights on the Arirang sector (foreign issuers accessing the Won market) with a deal for SPI.

Following in the footsteps of Indonesia's Daesang Corp, which became the first foreign corporate to access the Arirang sector earlier this year, two wholly-owned SPV's of SPI have raised Won210 billion $165 million. Prior to this the only foreign entity to tap the sector since the government first allowed issuance in 1995, was the Asian Development Bank ADB in September of the same year with a Won 85 billion issue.

A three-year deal for the two Singapore SPV...

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