Kepco returns to Yen markets

The Korean electricity utility has completed its second euro-yen issue of the year, securing marginally tighter pricing than the first.

Barclays and Merrill Lynch were joint bookrunners of a Y35 billion $205 million euro-yen deal that priced yesterday Tuesday. The three year deal, which has a Uridashi filing to better penetrate Japan's retail investor base, was priced at par with a 1.18% coupon to yield 93bp over yen-Libor.

At these levels, it has come 6bp tighter than the Baa3BBB-rated group's similar three-year deal of April this year, which was trading at 99bp bid at the time of...

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