SG debt listings Wednesday: Korea Expressway

A roadway in Seoul, South Korea. Photo by Nicki Eliza Schinow on UnsplashA roadway in Seoul, South Korea. Photo by Nicki Eliza Schinow on Unsplash

These are entities which announced debt listing confirmations in Singapore on Wednesday, 18 May 2022: Korea Expressway Corp.

Korea Expressway Corp.

Korea Expressway Corp. (KEC) said Wednesday its US$500 million 3.625 percent senior unsecured notes due 2025 (ISIN codes: US50066HAC25 and USY4872AHZ31) would be listed on SGX’s bond market on Thursday.

The notes, which will trade in U.S. dollars, will be in denomination of US$200,000, which is also the minimum board lot size, the company said in a filing to SGX.

Korea Expressway Corp. is a South Korean company engaged in building and operating the country’s expressway network, with revenue generated mainly from tolls paid by motorists. The company also receives lease payments from operating service areas, including fueling areas, and fees from the government for services including supervising government construction projects.

In addition, the company has made overseas forays. It entered the U.S. market, via its branch called Korea Expressways & Smart Transportation America (KESTA), in 2011, and it has handled projects in Brunei, Vietnam, Paraguay, Indonesia and Cambodia, according to its website. In April 2022, the company reportedly entered a KRW100 billion contract to operate a bridge in Bangladesh.