KOGAS sells Samurai bonds worth 30 bln yen

South Korea's state-run Korea Gas Corp. (KOGAS) said Monday that it has raised 30 billion yen (US$370 million) by selling Japanese-currency denominated bonds in a bid to finance its development projects. The so-called Samurai bonds with a five-year maturity were sold at an interest rate of 1.38 percent, 75 basis points more than the five-year Japanese swap rate, according to KOGAS. Samurai bonds are yen-denominated notes sold in Japan by overseas borrowers. A basis point is 0.01 percentage point. Last September, the state-run utility firm also raised 100 million Swiss francs ($101 million) by selling debts in the Swiss bond market. "We've striven to diversify our funding sources by tapping European and Asian debt markets," said KOGAS. "The proceeds from the bond sale will be used to finance our overseas development projects."