Korea Midland Power reopens Asian G3 market

The unit of Korea Electric Power Corp raised its first dollar bond since 2008, braving volatile market conditions.

Korea Midland Power sold a $300 million five-year bond on Wednesday, defying volatile market conditions and encouraging more Korean credits to come to market such as Korea Gas on Thursday.

The Reg S note the company’s first in six years in the G3 space and also the first to come to market after the Chinese New Year break was almost flat to its nearest comparables given its relatively modest size. The paper has a coupon of 2.75%.

Sources added that investors could have demanded a bigger concession for a larger deal of, say, $750 million.

“As far as marketing strategy goes, the fact that...

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