Korea Electric Power Corporation Kepco came to market late Monday night Hong Kong time with $700 million of senior unsecured debt. The five-year notes were issued with a 3% semi-annual coupon and were re-offered at 99.664 to yield 3.073%.
The bonds printed at 180bp over the five-year US Treasury yield, which was aggressive compared to Korea Hydro and Nuclear Power Company's recent 2015 bonds. At the time of pricing, Korea Hydro was trading at 184bp over Treasuries.
“I would say Kepco almost priced to perfection with a few basis points of upside left on the table,” said Pradeep Mohinani, credit strategist at Nomura. By late afternoon Hong Kong time yesterday, the bonds...
¬ Haymarket Media Limited. All rights reserved.
