Kepco jumps the Korean queue

The Korean utility surprises with a $250 million deal as Kookmin Bank and Korea Western Power launch roadshows.

Barclays Capital slipped into the Asian bond markets yesterday Wednesday with a rare FRN for the Korea Electricity Power Corporation Kepco. The market had been expecting the group to return to the Yen markets for its re-financing requirements, with Daiwa said to have been unofficially mandated for a deal.

However, this plan fell by the wayside as pricing became less attractive and the group's existing five-year bond widened to 80bp over Yen-Libor equating to a mid 90bp level on...

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