kepco-pulls-off-largest-asian-convertible-in-four-years

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 the sale. The scarcity value was further emphasised by the fact that this was only the second convertible out of Korea this year after Hynix SemiconductorÆs $471 million offer in September.

The strong demand enabled...
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