kexim-succeeds-with-ringgit-bond

Kexim succeeds with ringgit bond

The Korean bank saves an estimated 30bp-40bp on the 10-year bonds, and 20bp-30bp on the five-year bonds relative to what it could have achieved in the G3 markets.

Rosie Slater

March 04, 2008

Korea Export-Import Bank Kexim became the first Korean issuer to tap the Malaysian bond market when it finalised its M$1 billion $311 million transaction. The deal priced on Friday and allocations were completed on Monday. RHB was the lead arranger, with CIMB and OCBC acting as joint lead managers and bookrunners. Merrill Lynch was global financial adviser.

The deal came after news that a slew of offshore companies were planning to raise ringgit funds triggered volatility in the swap level and caused it to widen significantly. Last week, however, swap levels remained stable enough to close the transaction.

ôThis was a good deal. Kexim managed to raise a significant amount of funds at attractive levels...

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