By Aaron Hochman-Zimmerman
New York, Jan. 12 - The Export-Import Bank of Korea priced $2 billion five-year senior fixed-rate notes (Aa3/A/A+) at 99.624 for a spread of Treasuries plus 677 basis points, according to a market source.
The deal came wider than talk of mid-swaps plus 625 bps.
The new bonds carry a coupon of 8 1/8% to yield 8.218%.
Citigroup, Deutsche Bank, HSBC, Merrill Lynch and RBS were bookrunners for the registered deal.
Proceeds will be used to extend foreign currency loans as well as to repay maturing debt and other obligations.
Issuer: Export-Import Bank of Korea
Issue: Senior fixed-rate notes
| Amount: | $2 billion
|
| Maturity: | Jan. 21, 2014
|
| Bookrunners: | Citigroup, Deutsche Bank, HSBC, Merrill Lynch, RBS
|
| Coupon: | 8 1/8%
|
| Price: | 99.624
|
| Yield: | 8.218%
|
| Spread: | Treasuries plus 677 bps
|
| Pricing date: | Jan. 12
|
| Settlement date: | Jan. 20
|
| Distribution: | Off shelf
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | Mid-swaps plus 625 bps
|
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