Kexim holds spread in weak market

Korean policy bank gets US benchmark.

The Export-Import Bank of Korea Kexim successfully cleared a $1 billion twin tranche 144a issue late on Tuesday via joint bookrunners Barclays, Citigroup and UBS. The deal incorporated a five as well as a 10-year tranche and strong demand enabled pricing to remain within the indicative ranges despite a weak market tone throughout Monday and most of Tuesday.

Having marketed the five-year around the 115bp area, a $500 million deal was priced at 99.5% on a coupon...

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