Kexim mandates re-opening

The Korean policy bank hopes to increase the size of its 2007 bond to $1 billion.

Three relationship banks have been mandated for what is expected to be a $300 million tap of Kexim's March 2007 bond. Barclays, Citigroup and Deutsche Bank have the books for the deal, having recently lent the bank money at extremely tight levels on a club basis.

Kexim is said to be targeting a launch date around May 12, although launch will depend on the bank being able to hit funding targets around the low to mid 90bp level over Libor. The $700 million 4.25% March 2007 deal is presently trading at 140bp130bp over Treasuries, equating to about 97bp on a mid-market swap basis.

At this level it is about 10bp...

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