Kexim launches dollar bond as economy flounders

The Export-Import Bank of Korea leads the Korean charge into the primary debt market, as officials and economists fear the local economy will contract further.

Export-Import Bank of Korea Kexim is in the process of offering a five-year US dollar senior fixed-rate SEC-registered bond. The deal, which was launched yesterday, is being led by Citi, Deutsche Bank, HSBC, Merrill Lynch and RBS, and is expected to raise between $500 million and $1 billion, commensurate with its billing as a benchmark deal.

Bankers close to the deal point out that seasoned, but illiquid, Kexim dollar issues with tenors of four and seven years...

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