Smooth euro trade for Kexim
As the euro market revives, investors are keen to get their hands on rare euro-denominated paper from Korea.
Export-Import Bank of KoreaÆs euro-denominated bond proved a successful trade last week when it priced a Ç750 million transaction at 138bp over mid-swaps, at the tight end of guidance via Citi, Depfa Bank, Deutsche Bank, HSBC and RBS. The bonds had tightened by just 1.5bp by Friday afternoon, marking a contrast in the substantial rallies seen in other transactions earlier this year, such as Korea Midland Power, Korea Southern Power, and Swire.
ôThe market is in better shape,ö says...
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