Kexim enters stage left with new bond deal

Korea's most active issuer takes advantage of a potentially temporary interval in the Greek debt drama to raise $1 billion in fresh funds.
World awaits resolution or deferment of Greek debt drama
World awaits resolution or deferment of Greek debt drama

The Export-Import Bank of Korea Kexim maximised a potentially temporary interlude in the Greek debt tragedy on Tuesday to raise $1 billion in fresh funds from a new five-and-a-half year issue and a tap of its existing 2026 bonds.

The Aa3AAA- rated quasi-sovereign credit prides itself on finding the best execution windows for its transactions and yesterday marked the first day in over a week when issuance became possible after Greece submitted a new reform plan on Monday.

As equity markets rebounded, the iTraxx Asia ex-Japan index tightened 4bp on Monday and a further 1bp on Tuesday. However, sales desks noted that most of...

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