kexim-prices-1-billion-senior-unsecured-notes

Kexim prices $1 billion senior unsecured notes

The 5.5-year issue is priced at the tight end of guidance after attracting $2.7 billion of demand.

Export-Import Bank of Korea Kexim sold $1 billion worth of 5.5-year SEC-registered senior unsecured notes early yesterday morning. The bonds carry a 4.125% fixed-rate coupon and were re-offered at 99.465 to yield 4.235%. The maturity date has been set to September 9, 2015.

Initial price guidance over the equivalent five-year US Treasury yields was set in the 200bp area. However, some accounts, particularly in Asia, demanded a higher new issue premium than that implied by this guidance. The reason was that at the time the initial guidance went out, the spread of Kexim's existing January 2015 bonds was quoted at 185bp over the five-year Treasury. Investors that were against the 200bp...

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