ABN AMRO, Barclays and HSBC have launch the first Euro-denominated bond for Korea Electric Power Corp KEPCO in over six-years with a E250 million five-year deal that priced at the aggressive end of the deal's revised guidance.
Initially marketed to investors last week during roadshows at 35bp over mid-swaps, guidance was cut to 34bp-35bp over. After building strong momentum in early roadshows in Asia bankers opted to limit the investor book and offer attractive pricing for the issuer before taking it to European investors. Pricing was fixed at 99.854% on an annual coupon of 3.125% to yield 3.157%.
This equates to 34bp over mid-swaps, or 32.5bp...
