Kexim prices $1 billion senior unsecured notes

The 5.5-year issue is priced at the tight end of guidance after attracting $2.7 billion of demand.

Export-Import Bank of Korea Kexim sold $1 billion worth of 5.5-year SEC-registered senior unsecured notes early yesterday morning. The bonds carry a 4.125% fixed-rate coupon and were re-offered at 99.465 to yield 4.235%. The maturity date has been set to September 9, 2015.

Initial price guidance over the equivalent five-year US Treasury yields was set in the 200bp area. However, some accounts, particularly in Asia, demanded a higher new issue premium than that implied by this guidance....

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