Kexim's $700 million bond leaves little for investors

Korean policy bank Kexim storms the G3 market with a $700 million print, but its bonds widen in the secondary market amid weaker credit conditions.

Korean policy bank Export Import Bank of Korea Kexim printed a $700 million five-and-a-half-year senior bond early yesterday morning, after originally planning to raise up to $1 billion.

The bonds priced at Treasuries plus 170bp, at the tight end of the initial guidance, which was at the area of Treasuries plus 175bp. The coupon was fixed at 3.75%, and the notes reoffered at 99.332 to yield 3.886%. Bank of America Merrill Lynch, HSBC, Royal Bank of Scotland, Standard Chartered and UBS were joint bookrunners. Samsung Securities was a lead manager.

“I think if you look at the Kexim deal, on a spread over Treasuries basis, it...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222