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 a dollar Libor basis. By contrast pricing of the new Reg S five-year came at 99.80 on a coupon of 75bp over Libor and re-offer yield of 79bp over.

As would be expected for an...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222