Kexim back again with a $1.25 billion 10-year bond

Against a more stable backdrop, Kexim reawakens the market with a 10-year issue that attracts $3.5 billion of demand. Korea Housing Finance Corporation and NACF are expected to follow.

Maintaining its reputation as one of Asia's most regular issuers, Export-Import Bank of Korea Kexim returned to the US dollar market for the second time this year on Monday with a $1.25 billion 10-year deal.

According to market sources, the lead managers monitored the markets last Friday, waiting for a clear window in which to execute the deal. Given the more stable backdrop and more bullish sentiment on Monday, Kexim decided to launch through that window and the deal was announced by 11am.

Timing was very good, said one banker. All the equity markets were on fire.

The SEC-registered notes were issued with a 5.125% fixed-rate coupon. They were reoffered at 99.229 to yield...

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