kexim-stumbles-over-the-finish-line

Kexim stumbles over the finish line

One of AsiaÆs most savvy borrowers misses the mark with its new dual-tranche bond deal.
The arrangers of Export-Import Bank of Korea's Kexim new benchmark offering were left out in the cold after investors were less than receptive to the dual-tranche offering for the quasi-sovereign.

Barclays Capital, Credit Suisse, Morgan Stanley and UBS announced the dual currency Reg-S 144a $1 billion deal on Monday and expected an easy execution given Kexim's reputation as an astute borrower. But, unfortunately, the market had other ideas.

Initially the deal was meant to comprise of a $500 million five-year FRN tranche and a $500 million 10-year fixed-rate component. Initial price guidance on the tranches was released at low- to mid-20s over Libor for the FRN and low- to mid-30s over mid-swaps for the fixed-rate...
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