By Rebecca Melvin
New York, Oct. 25 – The Export-Import Bank of Korea priced $2 billion of notes in three tranches (expected ratings: Aa2/AA/AA-) on Tuesday, according to a market source.
A $400 million tranche of three-year fixed-rate notes priced with a 2½% coupon at 99.65 to yield Treasuries plus 90 basis points. Pricing came at the tight end of earlier talk for a yield of Treasuries plus 90 bps to 95 bps.
A $1 billion tranche of five-year fixed-rate notes priced with a 3% coupon at 99.853 to yield Treasuries plus 100 bps.
A $600 million tranche of five-year floating-rate notes priced at par to yield three-month Libor plus 92.5 bps.
Joint bookrunners and lead managers for the Securities and Exchange Commission-registered deals were BNP Paribas, Citigroup, Credit Agricole CIB, BofA Merrill Lynch and MUFG.
Mirae Asset Daewoo also acted as joint lead manager.
The proceeds will be used for general operations, including extending foreign currency loans, repayment of debt and other obligations.
Application is being made to list the notes on the SGX-ST.
The lender is based in Seoul.
| Issuer: | The Export-Import Bank of Korea
|
| Amount: | $2 billion
|
| Description: | Notes
|
| Bookrunners: | BNP Paribas, Citigroup, Credit Agricole CIB, BofA Merrill Lynch and MUFG
|
| Joint lead manager: | Mirae Asset Daewoo
|
| Co-manager: | Kexim Asia Ltd.
|
| Pricing date: | Oct. 24
|
| Settlement date: | Oct. 31
|
| Distribution: | SEC registered
|
|
|
| Notes due 2020
|
| Amount: | $400 million
|
| Maturity: | Nov. 1, 2020
|
| Coupon: | 2½%
|
| Price: | 99.65
|
| Spread: | Treasuries plus 90 bps
|
| Spread talk: | Treasures plus 90 to 95 bps
|
|
|
| Notes due 2022
|
| Amount: | $1 billion
|
| Maturity: | Nov. 1, 2022
|
| Coupon: | 3%
|
| Price: | 99.853
|
| Spread: | Treasuries plus 100 bps
|
| Talk: | Treasuries plus 100 bps
|
|
|
| Floaters due 2022
|
| Amount: | $600 million
|
| Maturity: | Nov. 1, 2022
|
| Coupon: | Libor plus 92.5 bps
|
| Price: | Par
|
| Yield: | Libor plus 92.5 bps
|
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