Kepco pulls off largest Asian convertible in four years

Bonds are backed by shares bought at market price from the government, which has trimmed its stake to 51%.

Korea Electric Power Corp Kepco has completed a long-awaited sale of convertible bonds backed by Treasury shares which, at just above $1 billion, ranks as the largest Asian equity-linked deal since 2002.

The rarity of an Asian CB by a single-A credit attracted a large following by top-tier investors and even though the book was open only three hours the final demand for the $824 million base size ended up just shy of $5 billion, according to sources familiar with...

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