The Korean power producer sells a 5% block in Kepco Plant Service & Engine on a day when global investors are focused on the US government’s sell-down in AIG.
An undisclosed shareholder raises $352 million from the sale of its entire stake in Kumho Petrochemical a day after Kepco is forced to cut the size of its sell-down in Kepco E&C to just $87 million.
State-owned Korea National Housing Corporation is the latest, but not the last, Korean borrower to tap the US dollar market this year and achieves the lowest yield spread so far.
The five-year issue by the state-owned oil company comes at the tightest spread for a quasi-sovereign so far this year, and leads to a narrowing of the Korean credit curve.
State-owned Korea Hydro Nuclear Power meets strong demand for its five-year notes, allowing it to double the size and issue at the tight end of late price guidance.