Kepco favours a bond in euros

Kepco borrowing supremo, MW Kim discusses his strategy for the year and why he may be keen to issue in euros ahead of the sovereign.

Kepco, Korea's state-controlled power utility, plans to launch a euro-denominated bond in the first half of this year. The company, which has $1.3 billion of foreign debt maturing this year, will refinance at least $800 million, says Myung Hwan Kim, Kepco's general manager in charge of borrowing.

He says that Kepco's board has already given approval to tap the international markets with a bond issue of around $300 million. Kim's preference is to launch a euro currency deal, which would suggest a size of around E230 million. He says the maturity has not been finalized, but it will be either five or 10 years.

It looks likely,...

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