Kepco re-charges debt markets

The Korean electricity utility prices at the tight end of expectations.

A $650 million five-year fixed rate issue for the Korean Electric Power Corporation Kepco was priced in London yesterday Thursday at a slim premium to the Korea Development Bank KDB, the Republic's benchmark sovereign proxy. The new deal also marks a key benchmark for Kepco, which has not accessed the dollar market since March 2000, but has now successfully completed its first public transaction without a KDB guarantee. To price flat to its existing curve it has a 2027 put 2007 outstanding was therefore remarkable and particularly in the context of volatile debt and equity markets.

Backed by four lead managers - Deutsche Bank, Goldman Sachs, Salomon Smith Barney and UBS Warburg -...

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