kepco-squeezes-pricing-for-500-million-bond

Kepco squeezes pricing for $500 million bond

The Korean electricity company's five-year dollar issue benefits from a relaxation of rules for domestic investors.

State-owned Korea Electric Power Corp Kepco is the latest Korean borrower to tap the international capital markets, and it achieved such tight pricing for its $500 million five-year deal, which was completed late Monday Hong Kong time, that several analysts and bankers were left scratching their heads.  

The issue was launched under Kepco's $1 billion Reg-S144A-registered global medium-term note programme, which is rated A2 by Moody's and the equivalent single-A by Standard and Poor's. Both are equal to Korea's sovereign rating. The proceeds will be used for general corporate purposes.

But the Rule 144A status, essential for US participation, barely seemed necessary this time around, because Asian investors...

¬ Haymarket Media Limited. All rights reserved.

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 subscription (2-5 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 subscription (2-5 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