Korean credits power back into bond market

Korean credits return to the forefront of the new issue market, with transactions for KNHC and Kewespo plus a mandate for KDB.

Korea National Housing Corporation KNHC and Korea East-West Power Corporation Kewespo have taken advantage of an improving market tone this week, with transactions that have been well received despite fairly aggressive pricing.

Government-owned KNHC made its debut in the euro-denominated sector at London's opening yesterday November 10 with an Eu400 million deal via Citigroup, Deutsche Bank, HSBC and Morgan Stanley. The A3A rated borrower has adopted an unusual tack towards its international borrowing programme. Rather than debut in dollars and then move on to either euros or yen, it opted to make its foreign currency debut in Yen and has now followed up in euros.

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