Kepco returns to Yen markets

The Korean electricity utility has completed its second euro-yen issue of the year, securing marginally tighter pricing than the first.

Barclays and Merrill Lynch were joint bookrunners of a Y35 billion $205 million euro-yen deal that priced yesterday Tuesday. The three year deal, which has a Uridashi filing to better penetrate Japan's retail investor base, was priced at par with a 1.18% coupon to yield 93bp over yen-Libor.

At these levels, it has come 6bp tighter than the Baa3BBB-rated group's similar three-year deal of April this year, which was trading at 99bp bid at the time of launch. Some bankers had been expecting the deal to price in the mid 80bp range, but others say that this was never very realistic and was finally squashed by overnight volatility in Argentina.

Unlike April's...

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