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-S/144A-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.
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