State-owned Korea Electric Power Corp Kepco is the latest Korean borrower to tap the international capital markets, and it achieved such tight pricing for its $500 million five-year deal, which was completed late Monday Hong Kong time, that several analysts and bankers were left scratching their heads.
The issue was launched under Kepco's $1 billion Reg-S144A-registered global medium-term note programme, which is rated A2 by Moody's and the equivalent single-A by Standard and Poor's. Both are equal to Korea's sovereign rating. The proceeds will be used for general corporate purposes.
But the Rule 144A status, essential for US participation, barely seemed necessary this time around, because Asian investors...
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