kosepo-adds-10-year-bond-to-its-curve

Kosepo adds 10 year bond to its curve

Kosepo becomes the second Korean genco to tap the international debt markets this year following Komipo's deal in March.
Despite volatility in US Treasury yields, joint leads Barclays Capital, Citigroup and Credit Suisse took advantage of a rally in the debt markets to price Korea South-East PowerÆs Kosepo $300 million 10-year bond at the tight end of guidance.

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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