The Korean genco conducted a series of non-deal roadshows in March, and the deal was launched last week with an initial guidance of 47bp to 50bp over mid-swaps, or roughly 102bp to 105bp over 10-year treasuries.
The Reg-S 144a deal priced at 99.208% on a coupon of 6.0% to yield 6.107%. This equated to 99bp over Treasuries or 47bp over mid-swaps. Fees were 25 cents.
Market instability had pushed spreads out over the last week...
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