Overflowing demand for Korea Water

Another momentum trade from Korea as Kowaco makes its international bond market debut.

Korea Water Resources Corporation Kowaco completed its debut international bond yesterday November 4 with a $150 million deal via Citigroup and UBS. Like most of its immediate predecessors, the 10-year deal generated a huge order book of $1.5 billion and was priced ahead of schedule.

Roadshows were bought forwards by a couple of days and London presentations were cancelled in order to take advantage of the strong market tone. As one participant notes, A lot of global issuers had been reluctant to set a launch date so soon after the US Presidential elections and ahead of the non-farm payroll numbers. But it meant Korea Water has been able to take...

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