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2025-10-27 19:54:46
[KEPCO's US Dollar Bonds Are Hot, Narrowing Spreads on Asian Energy Bonds] ⑴ Korea East-West Electric Power Company successfully priced a $300 million, 5.5-year bond with a coupon rate of 4% and an issue yield of 4.117%, a 48 basis point premium over US Treasuries of the same period. ⑵ The final pricing narrowed by 37 basis points from the initial guidance price, demonstrating that investor demand far exceeded expectations. ⑶ The bond received an Aa2 rating from Moody's and an AA- rating from Fitch, consistent with the issuer's ratings, and is expected to settle on November 4th. ⑷ Bank of America, Citigroup, and HSBC served as joint bookrunners for the issuance, using a Reg S senior unsecured structure. ⑸ The issuer, a majority-owned subsidiary of KEPCO, attracted enthusiastic subscriptions from international investors due to its state-owned background.
