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Okinawa Power Co. issues new corporate bonds

Date Posted: 2011-08-04

Okinawa Electric Power Company has issued ¥10 billion in 10-year straight bonds.

The local company took the measures to insure electrical power continues flowing in this prefecture in the aftermath of the March 11th earthquake and tsunami. Okinawa Electric was the first company to resume floating industry bonds since the nuclear crisis at Tokyo Electric Power Company’s Fukushima No. 1 power plant.

Okinawa Electric Power Company’s peer, Kansai Electric Power Company, has done likewise, but on a slower scale. Both companies were moving cautiously to not make nervous investors react unfavorably about the industry. The companies and the government know they’ll need to support TEPCO’s compensation payments to those affected by the nuclear crisis.

Okinawa Electric doesn’t own any nuclear power plants, and the company’s relatively high credit standing has stimulated demand for its bonds, according to local sources. The firm’s bonds, which carry a coupon of 1.332 percentage points per year, are being lead-managed by Mizuho Securities Company.

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