New Ç750 million 10-year bond puts Kexim back in the groove
After a third-quarter hiccup last year, Kexim returns to the market with a new strategy to woo investors and prices through its dollar yield curve.
Export-Import Bank of Korea last night priced a Ç750 million 10-year bond that had even the most jaded debt syndicaters whooping with excitement.
Kexim, a state-run policy lender, took advantage of the liquid markets to punch clean through its dollar yield curve, pricing at an equivalent of 27bp over mid-swaps. Such a keen price is all the more remarkable given its disappointing last outing, which ended up getting downsized from $1 billion to $800 million and closing late and at...
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