Barclays Capital slipped into the Asian bond markets yesterday Wednesday with a rare FRN for the Korea Electricity Power Corporation Kepco. The market had been expecting the group to return to the Yen markets for its re-financing requirements, with Daiwa said to have been unofficially mandated for a deal.
However, this plan fell by the wayside as pricing became less attractive and the group's existing five-year bond widened to 80bp over Yen-Libor equating to a mid 90bp level on a dollar Libor basis. By contrast pricing of the new Reg S five-year came at 99.80 on a coupon of 75bp over Libor and re-offer yield of 79bp over.
As would be expected for an...
