By Reshmi Basu
New York, Feb. 7 - The Export-Import Bank of Korea (Kexim) sold $1 billion equivalent in two tranches, made up of $600 million of notes due 2011 and €325 million of notes due 2013 (A3/A), according to a market source.
The tranche of fixed-rate notes due 2011 priced at 99.496 to yield 71.5 basis points more than Treasuries while the portion of floating-rate notes due 2013 priced at par to yield Euribor plus 24 basis points.
Barclays Capital, Citigroup, Deutsche Bank and Morgan Stanley managed the deal.
The issue is a Seoul-based official export credit agency providing 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 dollar-denominated and euro-denominated notes
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| Pricing date: | Feb. 7
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| Settlement date: | Feb. 14
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| Bookrunners: | Barclays Capital, Citigroup, Deutsche Bank and Morgan Stanley
|
| Ratings: | Moody's: A3
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| Standard & Poor's: A
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|
|
| Dollar tranche
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| Amount: | $600 million
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| Issue: | Fixed-rate notes
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| Maturity: | Feb. 14, 2011
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| Coupon: | 5 1/8%
|
| Issue price: | 99.496
|
| Yield: | 5.241%
|
| Spread: | Treasuries plus 71.5 basis points or mid-swaps plus 20 basis points
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|
|
| Euro tranche
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| Amount: | €325 million
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| Issue: | Floating-rate notes
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| Maturity: | Feb. 14, 2016
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| Coupon: | Three-month Euribor plus 24 basis points
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| Issue price: | Par
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| Yield: | Three-month Euribor plus 24 basis points
|
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