Korea Western Power sold a capped $300 million five-year note on Monday, competitively pricing the deal hot on the heels of its recently attained ratings upgrade from Moody’s.
It was the first Korean corporate bond in nearly two months and at 92.5bp over Treasuries was priced 17.5bp tighter than its initial target, according to a term sheet seen by FinanceAsia. The yield is 2.734%.
According to sources close to the transaction, the proceeds of Korea Western’s bond will be used for general corporate purposes, including capital expenditure, working capital and refinancing.
Korea Western is one of Korea Electric Power’s Kepco six wholly...