kexim-launches-dollar-bond-as-economy-flounders

Kexim launches dollar bond as economy flounders

The Export-Import Bank of Korea leads the Korean charge into the primary debt market, as officials and economists fear the local economy will contract further.
Export-Import Bank of Korea Kexim is in the process of offering a five-year US dollar senior fixed-rate SEC-registered bond. The deal, which was launched yesterday, is being led by Citi, Deutsche Bank, HSBC, Merrill Lynch and RBS, and is expected to raise between $500 million and $1 billion, commensurate with its billing as a benchmark deal.

Bankers close to the deal point out that seasoned, but illiquid, Kexim dollar issues with tenors of four and seven years are bid at swaps plus 525bp and 575bp respectively. A base of 550bp plus a new issue concession of 25bp-125bp would thus set the price range for discussions with investors and market sources suggest a...
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