In a busy day for Korean borrowers yesterday Tuesday, KDB issued its second five-year deal of the year and Korea Southern Power Kospo further extended the maturity profile of the genco sector with a 10-year offering.
KDB's issue was particularly noteworthy, since it represents the first $1 billion single tranche transaction by any Korean entity outside the sovereign in over a decade. There has only ever been one other non-sovereign issue of this size before for Kepco back in 1993.
Maximising proceeds made sense in the context of a new issue market, which is expected to become far more hostile and expensive in the autumn...
