Kexim to launch euro benchmark

The first Korean benchmark issue of the year is expected to price before Chinese New Year.

The Export Import Bank of Korea Kexim has mandated five banks to lead its forthcoming benchmark bond issue in euros. The firms include Citigroup, Deutsche, Merrill Lynch and UBS. But it is the fifth name, Depfa Bank, that will surprise rival debt houses.

Depfa is one of the biggest buyers of Korean debt, and has been making a push to lead more debt offerings from Korea. This transaction will mark its first role as a bookrunner in Asia.

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