KDIC sets terms for Kepco exchangeable

Korea Deposit Insurance Corp (KDIC) will embark on roadshows this Friday for the sale of an exchangeable bond into Korea Electric Power Corporation (Kepco).
September 26, 2000
Should a full $1 billion be raised, KDIC's deal will rank second only to Hutchison Whampoa's $3 billion exchangeable as the largest ever equity linked issue from non-Japan Asia. To succeed, however, observers believe that the deal needs to be cautiously structured to meet the demands of investors that have been badly burnt by the sector in the past.

Since the first convertible from Asia was launched by Thailand's Land Houses in November 1993, equity linked deals from the region have had an extremely poor track record. The first wave of deals issued at the height of a stock boom that year collapsed the following year,...

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