March 1, 2017 / 1:25 PM / 9 months ago

Tepco sets 0.38 pct coupon on 3-yr, 0.58 pct on 5-yr bonds - DealWatch

TOKYO, March 1 (Reuters) - Tokyo Electric Power Co has set the coupon rates on a planned 90 billion yen bond sale, its first since the 2011 Fukushima nuclear disaster, people close to the deal told Thomson Reuters DealWatch on Wednesday.

Tepco Power Grid Inc, the utility’s unit in charge of power transmission and distribution, will pay 0.38 on a 40 billion yen tranche of three-year bonds that go on sale on Friday and 0.58 percent on 50 billion yen of five-year debt, the sources said.

The company had previously indicated a coupon range of 0.37 percent to 0.39 percent on the three-year bonds and 0.57 percent to 0.59 percent on the five-year.

The sale will mark Tepco’s return to Japan’s corporate bond market, which it dominated before the 2011 earthquake and tsunami triggered the world’s worst nuclear crisis since Chernobyl in 1986, bringing the utility to its knees. (Reporting by Issei Hazama; Editing by William Mallard)

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