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Korea Midland Power to sell $300 mil bond next month Korean paper market likely to take breather until September

Translated by Kim So-in 공개 2021-07-27 10:32:56

이 기사는 2021년 07월 27일 07:56 더벨 유료페이지에 표출된 기사입니다.

Korea Midland Power plans to raise $300 million from its issuance of dollar-denominated bond next month.

The company has hired Citi Global Markets Korea Securities, HSBC, and UBS to handle the process, aiming to conduct a bookbuilding process in early August. A bond worth $300 million matured earlier this month.

Korea Midland Power will issue Korean papers, which refer to foreign currency debt issued by South Korean entities abroad, two years after it drew orders worth $2.8 billion for its $300 million green bond offering in 2019. The company issued sustainability bond in 2020.

The Korean paper market conditions remain favorable. All Korean paper issuers successfully raised funds so far this year thanks to abundant liquidity and Korean papers’ safe haven status. NongHyup Bank issued a $600 million global bond last week.

After the issuance, the Korean paper market is likely to take a breather until September as the summer vacation season starts and the issuance of dollar bonds will become difficult due to the 135-day rule by the U.S. Securities and Exchange Commission from mid-August.

Korea Midland Power received Aa2 and AA ratings from global credit rating agencies Moody’s and S&P Global Ratings. (Reporting by Hye-rim Pi)
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