By Reshmi Basu
New York, Nov. 8 - The Export-Import Bank of Korea priced $500 million five-year floating-rate notes (A3/A/A-) at par to yield three-month Libor plus 24 basis points, according to a market source.
The deal priced at the tight end of price guidance. Guidance had been set at a mid- to high-20s basis point spread to Libor.
Credit Suisse First Boston, HSBC and UBS Investment Bank managed the sale.
Proceeds will be used for general corporate purposes.
Seoul-based Kexim is Korea's official export credit agency providing export credit and project finance to support Korean enterprises in conducting business internationally.
| Issuer: | Export-Import Bank of Korea
|
| Amount: | $500 million
|
| Issue: | Floating-rate notes
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| Maturity: | Nov. 16, 2010
|
| Coupon: | Three-month Libor plus 24 basis points
|
| Issue price: | Par
|
| Spread: | Three-month Libor plus 24 basis points
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 16
|
| Lead managers: | Credit Suisse First Boston, HSBC, UBS Investment Bank
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A-
|
| Price guidance: | Mid-20s to high-20s basis points spread to Libor
|
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