Kexim's $700 million bond leaves little for investors

Korean policy bank Kexim storms the G3 market with a $700 million print, but its bonds widen in the secondary market amid weaker credit conditions.

Korean policy bank Export Import Bank of Korea Kexim printed a $700 million five-and-a-half-year senior bond early yesterday morning, after originally planning to raise up to $1 billion.

The bonds priced at Treasuries plus 170bp, at the tight end of the initial guidance, which was at the area of Treasuries plus 175bp. The coupon was fixed at 3.75%, and the notes reoffered at 99.332 to yield 3.886%. Bank of America Merrill Lynch, HSBC, Royal...

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