Kexim back in dollars

Policy bank attempts to diversify further into European investor base.

The Export Import Bank of Korea Kexim returned to the dollar market yesterday Thursday for the second time this year with a $500 million issue.

Led by Bank of America, Barclays and UBS, a five-year deal was priced at 99.599% on a coupon of 4.25% to yield 4.34%. At this level, it came at 115bp over Treasuries, or 72bp over Libor. Fees amounted to 17.5bp.

Pricing came after a week of spread widening highlighted by the secondary market performance of China's tightly priced global, followed by a couple of days of marginal spread improvement. Kexim's outstanding paper, for example, tightened 2bp to 3bp during Asia's trading day ahead of pricing,...

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