Asset swappers love KDIC deal

The blockbuster $850 million deal from government-owned Korea Deposit Insurance Corp (KDIC) exchangeable into shares of Korea Electric Power Corp (Kepco) proved a hit partly because about 20% of the deal was asset-swapped for pure fixed-income investors, according to fund managers in Hong Kong and London. Bonds can be exchanged into both Kepco domestic shares and American depositary receipts (ADRs).