Kogas to launch debut dollar bond

Government monopoly hopes to raise $300 million later this autumn.

Korea Gas Corporation Kogas is poised to issue an RFP Request for Proposals for a debut dollar deal it had originally hoped to complete earlier this year. A prospective transaction was delayed in the spring as a result of board level changes and is now expected to re-emerge in late Octoberearly November with either a five or a 10-year maturity.

Credit Suisse First Boston is considered frontrunner for the offering by dint of its ratings advisory role. Kogas has the sovereign A3negative rating from Moody's, but is rated two notches lower than the sovereign by Standard Poor's at A-stable.

Bankers say the nearest pricing comparable is probably Korea...

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