Kogas fires on all cylinders

Gas company prices through Korean curve.

Kogas priced a debut $250 million seven-year 144a yesterday Thursday via joint leads Credit Suisse First Boston and Deutsche Bank. The A3A- rated deal was notable for the fact that it priced right through the Korean credit curve and amassed an order book reminiscent of pre-financial crisis Asian Yankee bonds.

Pricing came at 99.635% on a coupon of 4.75% to yield 4.812%. This equated to 120bp over Treasuries or 73.5bp over Libor. Fees were 22.5bp.

At this pricing level, the deal came slightly through a revised indicative price range that started out at 77bp to 82bp over Libor and was then tightened down to 74bp to 78bp over Libor. The...

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