Korea Hydro joins dollar bond push

State-run nuclear power plant operator joins its South Korean peers in the international bond market by issuing a $500 million five-year note.
When Ben Bernanke speaks: a flurry of Korean issuance has hit the market following last Wednesday's announcement from  the US Federal Reserve that it will not yet begin withdrawing its bond purchases.
When Ben Bernanke speaks: a flurry of Korean issuance has hit the market following last Wednesday's announcement from the US Federal Reserve that it will not yet begin withdrawing its bond purchases.

Korea Hydro Nuclear Power raised a $500 million five-year fixed-rate senior unsecured bond at a yield of 2.875% on Wednesday, following the footsteps of other local companies that have accessed international bond markets in recent weeks.

The bond from the subsidiary of Korea Electric Power was three times oversubscribed and priced 10bp tighter than its initial price guidance of 170bp over Treasuries, indicating strong market appeal for Korean corporate credit with nearly half of the demand coming from asset managers, according to sources.

US investors - 62% - took a large chunk of the pie, versus Europe and Asia with only 23% and 15% respectively. More western...

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