Kexim breaks another record

Quasi sovereign brings KoreaÆs first offshore debt deal of 2006.
The Export Import Bank of Korea Kexim priced a $1 billion-equivalent dual tranche bond issue early this morning February 8 under the lead management of Barclays, Citigroup, Deutsche Bank and Morgan Stanley.

The AA3A Fitch rated deal has been split into a $600 million five-year, fixed-rate offering and an Eu325 million seven-year FRN tranche.

The dollar denominated tranche was priced at 99.496% on a coupon of 5.125% to yield 5.241%, or 71.5bp over Treasuries. This equates to 20bp over mid swaps, or 19bp over Libor.

Pricing at this level comes through KeximÆs own secondary curve. KeximÆs March 4.625% 2010 deal was quoted at a bid offer spread of 21bp to 18bp over Libor...
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