By Devika Patel and Cristal Cody
Knoxville, Tenn., July 21 – Korea Hydro & Nuclear Power Co. priced $700 million of 4¼% five-year covered bonds (Aa2/AA) with a spread of 123 basis points over Treasuries on Wednesday, according to a market source.
Initial price talk was in the Treasuries plus 150 bps area.
BofA, Citigroup, Credit Agricole CIB, JPMorgan, Standard Chartered Bank and UBS were the bookrunners.
Korea Hydro is a Seoul, South Korea-based subsidiary of Korea Electric Power Corp. (Kepco).
| Issuer: | Korea Hydro & Nuclear Power Co.
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| Amount: | $700 million
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| Issue: | Covered bonds
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| Maturity: | July 27, 2027
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| Bookrunners: | BofA, Citigroup, Credit Agricole CIB, JPMorgan, Standard Chartered Bank and UBS
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| Coupon: | 4¼%
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| Spread: | Treasuries plus 123 bps
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| Trade date: | July 20
|
| Ratings: | Moody’s: Aa2
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| S&P: AA
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| Guidance: | Treasuries plus 150 bps area
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