The Export-Import Bank of Korea Kexim early last Friday morning priced a $1 billion 10-year bond, re-opening the market for other Korean borrowers.
Bank of America Merrill Lynch, Credit Suisse, Daiwa, Goldman Sachs, HSBC and J.P. Morgan were joint bookrunners. Woori Investment Securities was a joint lead.
The Asian dollar bond market has been more or less shut since August, with issuance dwindling to $1.7 billion in August, a far cry from the peak of $14.6 billion in April, according to data from Dealogic. Undeterred by the weak market conditions, Kexim seized a window of opportunity and closed its bond with lightning-quick execution.