Kosep and MCC take advantage of market bounce

Two investment-grade borrowers Korea South-East Power Kosep and MCC Holding Hong Kong took advantage of a bounce in the markets late last week to price bonds.

Kosep, which operates thermal power stations, priced a $300 million five-and-a-half-year bond last Friday evening. The company went out with initial price guidance in the area of Treasuries plus 240bp on Friday morning and a deal that was capped at $300 million. It ended up pricing at Treasuries plus 225bp, about 15bp inside of the initial guidance.

The leads were revisiting the market after a previous attempt to market the deal at a tighter spread failed to gain traction with investors....