kexims-bonds-tighten-in-the-secondary-market

Kexim's bonds tighten in the secondary market

The Korean issuer sends out the message that borrowers can raise a substantial amount at a reasonable price.
Export-Import Bank of Korea Kexim priced an impressive $1.5 billion deal yesterday, closing the largest offering ever by the bank, and the largest single tranche bond from Korea since the governmentÆs $3 billion rescue bond in 1998.

The five-year transaction, rated Aa3A, priced at 116bp over Treasuries û which at the time of launch equalled 50bp over mid-swaps, but by the time it priced equalled 51.5bp over midswaps, as swap spreads tightened. The deal closed with a coupon of 5.5%. In terms of investor-split, 35% of the bonds sold to funds, 37% to banks, and 28% to central banks and insurance companies. Twenty per cent sold to Europe, 30% to Asia and 50% to...
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