Kexim prices as IBK and Kookmin line up

The Korean policy bank returns to the public bond markets for the first time in four years.

Kexim successfully returned to the international dollar market yesterday Wednesday with a transaction that was increased and priced in line with expectations relative to its old rival KDB. Led by ABN AMRO, Barclays and UBS Warburg, a five-year Reg S deal was upsized from $500 million to $700 million and priced at 99.987% on a coupon of 4.25% to yield 4.253% or 127bp over Treasuries. Fees totaled 20bp.

The deal was said to have come at a 3bp to 5bp premium to KDB, whose November 2007 bond was variously reported as being bid at 122bp to 124bp over Treasuries at the time of pricing. This was in line with expectations and similar...

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