By Reshmi Basu
New York, Sept. 28 - The Export-Import Bank of Korea (Kexim) sold $800 million in two tranches, comprised of $500 million in floating-rate notes due 2011 and $300 million of fixed-rate notes due 2016 (A3/A/A+), according to a market source.
The five-year notes priced at par to yield three-month Libor plus 22 basis points, and the 10-year notes priced at 99.298 to yield 86 basis points more than Treasuries.
Barclays Capital, Credit Suisse, Morgan Stanley and UBS were joint lead managers for the Rule 144A and regulation S transaction.
On Feb. 7, 2006 Kexim priced $1 billion equivalent in two tranches: $600 million five-year fixed-rate notes at 99.496 to yield 71.5 basis points more than Treasuries and €325 million seven-year floating-rate notes at par to yield Euribor plus 24 basis points.
Seoul, Korea-based Kexim provides export credit and project finance to support Korean enterprises in conducting business internationally.
| Issuer: | The Export-Import Bank of Korea (Kexim)
|
| Issue: | Two-part issuance of five- and 10-year notes
|
| Total amount: | $800 million
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 4
|
| Lead managers: | Barclays Capital, Credit Suisse, Morgan Stanley, UBS
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Issue: | Floating-rate notes
|
| Maturity: | Oct. 4, 2011
|
| Coupon: | Three-month Libor plus 22 basis points
|
| Issue price: | Par
|
| Yield: | Three-month Libor plus 22 basis points
|
|
|
| 10-year notes
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| Amount: | $300 million
|
| Issue: | Fixed-rate notes
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| Maturity: | Oct. 4, 2016
|
| Coupon: | 5 3/8%
|
| Issue price: | 99.298
|
| Yield: | 5.467%
|
| Spread: | Treasuries plus 86 basis points
|
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