The Export Import Bank of Korea Kexim returned to the international bond markets on Monday with the kind of knock-out deal many Asian borrowers had probably consigned to the history books.
The quasi-sovereign credit managed to attract an order book topping $7.5 billion by the time its $1.75 billion two-tranche 144a deal closed during New York hours.
The Asian credit markets have not seen this kind of demand for a number of months and syndicate bankers described the transaction as one of the most impressive this year.
Kexim has found just the right window, said one banker. Credit markets are rallying, risk appetite is...