Korea Midland completes debut dollar bond

Korean genco runs up against difficult market environment for investment grade credits.

Korea Midland Power Komipo completed its debut international bond deal yesterday Tuesday raising $150 million via joint bookrunners Credit Suisse First Boston and JPMorgan.

The seven-year 144a deal was priced in line with guidance and has an issue price of 98.256% and coupon of 4.95% to yield 5.25%. This equates to 125bp over Treasuries or 71bp over Libor. Fees total 25bp.

Pricing represents an 8bp premium to the secondary market trading level of Korea East West Power Kewespo, which also completed its first dollar deal just over a week ago. Both credits are rated at the sovereign A3A- country ceiling.

At the time of pricing, Kewespo's...

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