Samurai debut from Korean genco sector

Korea East-West Power sets a new benchmark in Japan with second lowest corporate coupon from Korea.

Korea East-West Power has enjoyed a decent debut in the Japanese samurai market with its Y20 billion $170.5 million five year issue. The deal was joint lead managed by CSFB and Daiwa.

The bond was launched with a coupon of just 1.33% which makes it the second lowest coupon by a Korean corporate issuer in the Samurai market - after Korea Gas, which issued last year at 1.21%. It is the first of the power gencos to tap the samurai market.

The coupon looks particularly favourable when compared with where Korea East-West Power can borrow in the domestic Korean bond market. It can borrow five-year fixed rate money at 5.2%. Given...

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